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Regions picks up failed bank

Regulators have closed FirstBank Financial Services in Georgia, the seventh failure this year of a federally insured bank.

The Federal Deposit Insurance Corp. was appointed receiver of the McDonough, Ga.-based bank. It had $337 million in assets and $279 million in deposits as of Dec. 31.

The FDIC says the failed bank’s deposits will be assumed by Regions Bank in Birmingham, Ala. Its four branches will reopen Monday as offices of Regions Bank.

Regions Bank also agreed to buy around $17 million of FirstBank’s assets; the FDIC will retain the rest for eventual sale.