At June 30, 2015, The Bank of Georgia has total assets of $294.2 million and total deposits of $280.7 million. Under the purchase and assumption agreement between the FDIC and Fidelity Bank, the FDIC will receive a premium of 3.05 percent from Fidelity Bank on the assumed deposits. In addition, Fidelity Bank agreed to purchase $255.3 million or about 87 percent of the failed bank’s assets. The remaining assets of approximately $39 million will be retained by the FDIC for later disposition.
All shares of The Bank of Georgia were owned by the bank’s holding company, Georgia Bancshares, Inc, Peachtree City, Ga. Stockholders, last in line for priority of claims against the failed bank, stand to lose their entire investment in Georgia Bancshares. Shares of Georgia Bancshares (GABA) closed Friday at 15 cents on very low volume.