For the second week in a row, a bank that does business in Fayette County has failed.

Late Friday afternoon, the Georgia Department of Banking and Finance took possession of Neighborhood Community Bank, headquartered in Newnan. NCB has operated a branch in Peachtree City near the intersection of Ga. Highway 54 East and Walt Banks Road.

All deposit accounts have been transferred to CharterBank of West Point, Ga.

“On Saturday, June 27, 2009, depositors will be able to access their accounts at the former main office and branch locations of Neighborhood Community Bank,” according to a state DBF news release. “Customers of both banks should continue to use their existing branches until CharterBank can fully integrate the deposit records of Neighborhood Community Bank. Additionally, the former depositors of Neighborhood Community Bank can continue to access their accounts through automated teller machine transactions, checks and debit transactions.”

“All deposits will be transferred to CharterBank and, therefore, it is not anticipated that there will be any loss exposure to former Neighborhood Community Bank depositors that have deposits exceeding the FDIC Deposit Insurance amounts,” the DBF said.

CharterBank assumed $191 million of the failed bank’s deposits and bought about $210 million of the bank’s assets of approximately $222 million, according to a news release from the Federal Deposit Insurance Corp. “The FDIC will retain the remaining assets for later disposition.”

The FDIC and CharterBank joined in a loss-share transaction on about $178.5 million of NCB’s assets.

“CharterBank will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers,” the FDIC said.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $66.7 million. “CharterBank’s acquisition of all the deposits was the ‘least costly’ resolution for the FDIC’s DIF compared to alternatives. Neighborhood Community Bank is the 42nd FDIC-insured institution to fail in the nation this year, and the ninth in Georgia,” the FDIC said.

Newnan Coweta Bancshares, Inc., Newnan, Ga., is the holding company for the failed bank.

Customers who have questions about the bank closing can call the FDIC toll-free at 1-888-408-4360. The phone number will be operational on Saturday from 9 a.m. to 6 p.m., EDT; on Sunday from noon to 6 p.m., EDT; and thereafter from 8 a.m. to 8 p.m., EDT. Interested parties can also visit the FDIC’s Web site at www.fdic.gov/bank/individual/failed/neighbor.html.

Regulators on Friday also closed Community Bank of West Georgia in Villa Rica.

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