Georgia-based Oglethorpe Bank was shut by the state’s department of banking and finance on Jan. 14, 2011, The Wall Street Journal reports. Bank of the Ozarks will take over the failed bank and assume all of its $212.7 million deposits.

Bank of the Ozarks has entered a loss-share deal on $173.9 million of the assets with the Federal Deposit Insurance Corporation (FDIC). The cost of the failure to the Deposit Insurance Fund will be about $80.4 million, according to the FDIC.

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