Freedom Bank of Georgia based in Commerce with branches in Jefferson, Winder and Homer became the 17th bank taken over so far in 2009 by the FDIC. Freedom Bank was taken over Friday evening at 6 p.m. by state and federal banking officials. All deposits of the bank were acquired by Northeast Georgia Bank of Lavonia and all branches will reopen Monday under that bank's name.
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Commerce-based Freedom Bank of Georgia has entered into a cease and desist order with the Georgia Department of Banking and Finance, according to documents filed Dec. 23 with the Securities and Exchange Commission.