Georgia Bank Fails; Third for 2011

BRUNSWICK, Ga. ( TheStreet) -- Georgia regulators shut down Oglethorpe Bank on Friday, for the third bank failure this year, following 157 bank closures during 2010.

The Federal Deposit Insurance Corp. was appointed receiver and sold the failed institution's $212.7 million in deposits and $230.6 million in total assets to Bank of the Ozarks ( OZRK) of Little Rock, Ark. The FDIC agreed to cover 80% of losses on $173.9 million of the acquired assets.

Oglethorpe Bank had been previously included in TheStreet's Bank Watch List of undercapitalized institutions, based on third-quarter regulatory data provided by SNL Financial.

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The failed bank's two offices were set to reopen during normal business hours as branches of Bank of the Ozarks.

This was the first government-assisted bank acquisition of the year for Bank of the Ozarks after the lender expanded in 2010 by purchasing four failed institutions from the FDIC, including Unity National Bank of Cartersville, Ga. in March; Woodlands Bank of Bluffton, S.C. in July; Horizon Bank of Bradenton, Fla. in September; and Chestatee State Bank of Dawsonville, Ga. on December 17.

Thorough Bank Failure Coverage

All bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2010 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.

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-- Written by Philip van Doorn in Jupiter, Fla.

>To contact the writer of this article, click here: Philip van Doorn.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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