Omni National Bank Closed Down

Yet another local bank has fallen during the tough financial times.

According to banking officials, regulators have closed Omni National Bank in Georgia, with The Federal Deposit Insurance Corp. being appointed receiver of the bank, based in Atlanta. The bank reportedly had $980 million in assets as of the end of 2008.

According to The Office of the Comptroller of the Currency, losses have depleted the bank of most of its capital and it would have not been able to recapitalize itself without government help.

Doors Close on Freedom Bank of Georgia

The doors have closed on another bank, as regulators closed down Freedom Bank of Georgia.

According to banking authorities, the Federal Deposit Insurance Corp. was named receiver of the bank, which is located in Commerce.

FBG had approximately $173 million in assets and $161 million in deposits as of last Wednesday.

The bank's deposits will be taken over by Northeast Georgia Bank, located in Lavonia, Ga.

FBG's four branches will reopen Monday as offices of Northeast Georgia Bank.