Three banks across Georgia were among 7 shut down by regulators on Friday.

One of the three was Century Security Bank, of Duluth, Georgia, which was terminated by the Georgia Department of Banking and Finance.

Te Federal Deposit Insurance Corporation (FDIC) was named as receiver.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Upson, Thomaston, Georgia, to assume all of the deposits of Century Security Bank.

The two branches of Century Security Bank, including the headquarters at 5955 State Bridge Road Duluth, Georgia, will reopen during normal business hours beginning on Saturday as branches of Bank of Upson. Depositors of Century Security Bank will automatically become depositors of Bank of Upson. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage, the FDIC said in a statement released Friday. Customers should continue to use their existing branch until they receive notice from Bank of Upson that it has completed systems changes to allow other Bank of Upson branches to process their accounts as well.

Over the weekend, depositors of Century Security Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2009, Century Security Bank had approximately $96.5 million in total assets and $94.0 million in total deposits. Bank of Upson did not pay the FDIC a premium for the deposits of Century Security Bank. In addition to assuming all of the deposits of the failed bank, Bank of Upson agreed to purchase essentially all of the assets.

The FDIC and Bank of Upson entered into a loss-share transaction on $81.5 million of Century Security Bank's assets. Bank of Upson will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29.9 million.