FREEDOM BANK OF GEORGIA CLOSED BY FDIC; 17TH BANK FAILURE OF 2009

[Gary Coles]

Another Bank failure.

The FDIC said, "As of March 4, Freedom Bank of Georgia had roughly $173 million in assets and $161 million in deposits. The FDIC estimated the cost of Freedom Bank's failure to its deposit insurance fund will be $36.2 million."

I do have one question. If you subtract $161 million in deposits from $173 million in assets you get roughly $12 million. Why will it cost the insurance fund an estimated $36.2 million. Are we giving bonuses to the bank officers?