UPDATE 1-U.S. closes small Georgia bank, third this year

WASHINGTON Fri Jan 14, 2011 7:05pm EST

WASHINGTON Jan 14 (Reuters) - U.S. authorities closed a small Georgia bank on Friday, bringing the total number of failures in 2011 to three.

In 2010, 157 banks failed following 140 failures in 2009. The bulk of the more recent failures have been been smaller institutions, each with less than a billion dollars in assets, as large banks have recovered more quickly from the 2007-2009 financial crisis.

The FDIC announced on Friday that Oglethorpe Bank would be closed and the Bank Of The Ozarks Inc (OZRK.O) will assume its deposits and assets.

Oglethorpe Bank had about $230.6 million in assets and $212.7 million in deposits as of Sept. 30, 2010, the FDIC said.