Regulators close bank in Rockmart
LOS ANGELES — Regulators have closed another bank in Georgia, bringing to 88 the number of bank failures in the U.S. this year.
The Federal Deposit Insurance Corp. seized Community Bank of Rockmart, based in Rockmart, Ga.
The bank had about $62.4 million in assets and $55.9 million in deposits.
Century Bank of Georgia, based in Cartersville, Ga., agreed to assume all of Community Bank’s deposits and buy $40.7 million of the failed bank’s assets.
The failure is expected to cost the deposit insurance fund $14.5 million.
Pacific rim leaders meet on finances
HONOLULU — Pacific rim finance ministers pledged Thursday to take decisive action if necessary to prevent the spillover from Europe’s financial woes from further undermining growth and financial stability across the region.
The government debt crisis in Europe remains the central challenge to global growth, U.S. Treasury Secretary Timothy Geithner said ahead of a Pacific rim summit this weekend.
The finance ministers from the 21 economies that make up the Asia-Pacific Economic Cooperation forum discussed ways to re-energize economic growth and create jobs.
Quad/Graphics has net loss in quarter
Quad/Graphics Inc., which prints catalogs in Evans, reported a net loss for the third quarter of $22.4 million, or 48 cents per share, compared to a net loss of $232 million, or $5.01 per share, reported a year ago.
The Wisconsin-based printing company said it would have shown a $37 million profit for the quarter if it were not still charging off its restructuring and acquisition costs.
Third quarter net sales were $1.1 billion versus $1.2 billion for the same period in 2010, mostly due to softness in the book market.