(AP) -- Regulators are closing a small Georgia bank, marking the seventh failure of a federally insured bank this year.
The Bank of Georgia, based in Peachtree City, Georgia, was closed Friday, the Federal Deposit Insurance Corp. said.
Fidelity Bank, a subsidiary of Fidelity Southern Corp., agreed to buy $255.3 million of the failed bank's assets and will gain seven locations.
As of June 30, The Bank of Georgia had about $294.2 million in total assets and $280.7 million in total deposits.
The failure is expected to cost the FDIC $23.2 million.