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African-American Bank Capitol City Rescued By FDIC
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An African American-owned bank in Atlanta has failed.
The Federal Deposit Insurance Corp. said Friday that it has taken over Capitol City Bank & Trust Co., based in Atlanta.
The bank operated eight branches and had $272.3 million in assets and $262.7 million in deposits as of Dec. 31.
First-Citizens Bank & Trust Co., based in Raleigh, North Carolina, agreed to assume all of Capitol City Bank's deposits and to buy essentially all of the failed bank's assets.
The failure of Capitol City Bank is expected to cost the federal deposit insurance fund $88.9 million.
Capitol City has suffered more than $20 million in losses since 2008.
The bank focused on underserved areas of Atlanta. Civil Rights leader Rev. C.T. Vivian served on its board of directors.
Capitol City is Georgia’s first bank failure in eight months.
Tags: capitol city, capitol city bank fails, federal regulators rescues capitol city bank
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