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Macon’s Security Bank shuttered

Security Bank of Macon, the state’s fourth largest lender, was shuttered today by federal authorities. The bank operated 20 branches in middle and north Georgia but bad real estate loans took it down. The institution will be taken over by three bankers headed by Joe Evans, former CEO of Flag Financial. The failure is expected to cost the FDIC insurance fund some $804 million. The former Security brances will reopen Monday as State Bank and Trust locations.

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