Tag: banking

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6 More GA Banks Fail, 16 So Far in 09, 64 Nationwide

Regulators on Friday shut six banks in Georgia and a small bank in New York state, raising to 64 the number of federally insured banks to fail this year.
The Federal Deposit Insurance Corp. was appointed receiver of the banks: six bank subsidiaries of Security Bank Corp., based in Macon, Ga.; and Waterford Village Bank of Clarence, N.Y.
The six Security banks had a total of 20 branches, which will reopen during normal business hours starting Saturday as branches of State Bank and Trust, the FDIC said.
They are: Security Bank of Bibb County, based in Macon; Security Bank of Houston County, based in Perry; Security Bank of Jones County, based in Gray; Security Bank of Gwinnett County, based in Suwanee; Security Bank of North Metro, based in Woodstock; and Security Bank of North Fulton, based in Alpharetta.

via 6 More Georgia Banks Shut Down – News Story – WSB Atlanta.

The only thing that surprises me is that we haven’t seen any actual runs on the banks.

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FDIC Leans on GA Banks to Straighten Up or Face Failure

Seven Georgia banks were issued the Federal Deposit Insurance Corp.’s strongest regulatory rebuke last month, according to an announcement Friday by the banking industry insurer.The banks, concentrated primarily in metro Atlanta, entered into cease-and-desist orders with the FDIC, an agreement that stipulates how the bank must overhaul its business, or face failure.

FDIC ups cease-and-desist orders in Ga. – Atlanta Business Chronicle:

In case anyone was wondering if the economy has hit bottom yet. Personally, I’d go with no, we’re still falling. And hitting the bottom may be about right, it will be a big hit.

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