Data / Bank failures / 2009 / Freedom Bank of Georgia
Freedom Bank of Georgia, Commerce, GA: failed March 6, 2009
Freedom Bank of Georgia in Commerce, Georgia, failed on March 6, 2009. Northeast Georgia Bank of Lavonia, GA, took over its deposits. It held $172.5 million in assets and $159 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $43.3 million (25.1% of its assets). By assets it was the 98th largest of 148 banks closed or assisted in 2009.
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The FDIC's record
- Closed
- March 6, 2009
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Northeast Georgia Bank, Lavonia, GA
- Total assets
- $172,454,000
- Total deposits
- $159,048,000
- Estimated cost to the FDIC
- $43,267,285 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 57558
Other bank failures in Georgia, 2007 to 2011
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Community Bank of Rockmart | Rockmart | November 10, 2011 | $62.4 million | $55.9 million | $20.3 million | Century Bank of Georgia |
| Community Capital Bank | Jonesboro | October 21, 2011 | $165.3 million | $157.8 million | $65 million | State Bank and Trust Company |
| Decatur First Bank | Decatur | October 21, 2011 | $184.8 million | $172 million | $24.6 million | Fidelity Bank |
| Piedmont Community Bank | Gray | October 14, 2011 | $199 million | $178.8 million | $88.2 million | State Bank and Trust Company |
| Patriot Bank of Georgia | Cumming | September 2, 2011 | $150.8 million | $140.6 million | $54.2 million | Georgia Commerce Bank |
| Creekside Bank | Woodstock | September 2, 2011 | $102.3 million | $96.6 million | $33.8 million | Georgia Commerce Bank |
| First Southern National Bank | Statesboro | August 19, 2011 | $164.6 million | $159.7 million | $22.2 million | Heritage Bank of the South |
| One Georgia Bank | Atlanta | July 15, 2011 | $177.7 million | $158.1 million | $40.6 million | Ameris Bank |
All bank failures in 2009 · All bank failures in Georgia · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.