FirstCity becomes the eighth Georgia-based bank to fail since the economy began sliding into crisis last August

SAN FRANCISCO (MarketWatch) -- Stockbridge, Ga.-based FirstCity Bank became the 18th U.S. bank failure of 2009 on Friday, as the effects of the credit crunch continue to ripple throughout the financial system.
The Federal Deposit Insurance Corp. said in a statement that it will mail checks to FirstCity's insured depositors Monday morning, and that the failed bank's direct deposits from the federal government such as Social Security and Veterans' payments will be transferred to SunTrust Banks Inc. (STI:
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FirstCity had $297 million in assets and $278 million in deposits as of March 18, the FDIC said. It also had roughly $778,000 in deposits that exceeded the federal deposit insurance limit of $250,000.
FirstCity becomes the eighth Georgia-based bank to fail since the economy began sliding into crisis last August, according to FDIC data. The last Georgia bank to fail was Freedom Bank of Georgia on March 6, the FDIC said.
The FDIC estimated that the cost of FirstCity's failure to its deposit insurance fund is roughly $100 million.

March 1, 2009 - 5:25pm - Winter Weather Advisory Alert

Winter Weather Advisory
Alert: Rabun, Habersham, Stephens

...WINTER STORM TO AFFECT THE REGION THROUGH TONIGHT...

...WINTER WEATHER ADVISORY REMAINS IN EFFECT UNTIL 7 AM EST
MONDAY...

A WINTER WEATHER ADVISORY REMAINS IN EFFECT UNTIL 7 AM EST
MONDAY.
RAIN WILL CHANGE OVER TO SNOW ACROSS THE MOUNTAINS OF NORTHEAST
GEORGIA AND THE GOLDEN CORNER OF UPSTATE SOUTH CAROLINA LATE THIS
AFTERNOON. THE SNOW WILL TAPER OFF A LITTLE BEFORE MIDNIGHT.
ACCUMULATIONS OF 1 TO 3 INCHES ARE EXPECTED...WITH LOCALLY HIGHER
AMOUNTS ACROSS SOUTHERN PICKENS AND OCONEE COUNTIES.
THE COMBINATION OF SUSTAINED NORTHEAST WINDS OF 20 TO 30
MPH...SATURATED GROUND AND WET SNOW WILL DOWN NUMEROUS TREES
ACROSS THE REGION. THIS WILL BLOCK ROADS AND CAUSE POWER OUTAGES.
LATER TONIGHT...TEMPERATURES WILL FALL WELL BELOW FREEZING. WHILE
THE SNOW WILL LAY MOST DEEPLY ON GRASSY SURFACES...THE FREEZING
TEMPERATURES WILL RESULT IN BLACK ICE...WHICH WILL MAKE DRIVING
VERY DANGEROUS EVEN WHERE ROADS ARE NOT SNOW COVERED.
A WINTER WEATHER ADVISORY FOR SNOW MEANS THAT PERIODS OF SNOW
WILL CAUSE PRIMARILY TRAVEL DIFFICULTIES. BE PREPARED FOR SNOW
COVERED ROADS AND LIMITED VISIBILITIES...AND USE CAUTION WHILE
DRIVING.

Target Area:
Rabun, Habersham, Stephens

March 1, 2009 - 6:18am - Winter Weather Advisory Alert

Winter Weather Advisory Alert:

...WINTER STORM TO AFFECT THE REGION TODAY AND TONIGHT...

.A STRONG UPPER LEVEL LOW WILL MOVE ACROSS THE DEEP SOUTH AND TO
THE CAROLINA COAST TODAY. THIS SYSTEM WILL SPREAD PRECIPITATION
ACROSS THE WESTERN CAROLINAS AND NORTHEAST GEORGIA...BEGINNING AS
RAIN THIS MORNING...AND THEN CHANGING OVER TO SNOW THIS AFTERNOON
AND EARLY THIS EVENING. THE PRECIPITATION SHOULD MOVE EAST OF THE
WESTERN PIEDMONT OF NORTH CAROLINA EARLY MONDAY MORNING.

...WINTER WEATHER ADVISORY IN EFFECT FROM NOON TODAY TO 7 AM EST
MONDAY...

THE NATIONAL WEATHER SERVICE IN GREENVILLE-SPARTANBURG HAS ISSUED
A WINTER WEATHER ADVISORY FOR SNOW...WHICH IS IN EFFECT FROM NOON
TODAY TO 7 AM EST MONDAY. THE WINTER STORM WATCH IS NO LONGER IN
EFFECT.
WIDESPREAD RAIN WILL REDEVELOP ACROSS NORTHEAST GEORGIA AND THE
WESTERN PART OF THE UPSTATE THIS MORNING...AND THEN MIX WITH AND
CHANGE TO SNOW AS THE AFTERNOON WEARS ON. THE MAIN BAND OF
PRECIPITATION WILL MOVE TO THE EAST OF THE REGION BY LATE
AFTERNOON WHICH WILL LIMIT THE POTENTIAL FOR SIGNIFICANT SNOW
ACCUMULATION. AT THE PRESENT TIME...THERE IS THE POTENTIAL FOR ONE
OR TWO INCHES OF SNOW...MAINLY ACROSS THE AREA FROM TOCCOA AND
FRANKLIN SPRINGS TO CLEMSON AND PICKENS. THE HIGHER ELEVATIONS OF
NORTHEAST GEORGIA MIGHT GET AN INCH OR LESS. HOWEVER...A BAND OF
HEAVY SNOW IS POSSIBLE ACROSS THE REGION TONIGHT. IF THIS HAPPENS
AS FAR WEST AS EXTREME NORTHEAST GEORGIA...THE ADVISORY MAY BE
UPGRADED.
A WINTER WEATHER ADVISORY FOR SNOW MEANS THAT PERIODS OF SNOW
WILL CAUSE PRIMARILY TRAVEL DIFFICULTIES. BE PREPARED FOR SNOW
COVERED ROADS AND LIMITED VISIBILITIES...AND USE CAUTION WHILE
DRIVING.

Target Area:
Rabun, Habersham, Stephens, Franklin