Along with 2 other banks in the US Regulators closed the Community Bank of West Georgia (located in Villa Rica) and had another branch in Kennesaw GA...and Neighborhood Community Bank, located in Newnan, GA. Community Bank of West Georgia had total assets of $199.4 million and deposits of $182.5 million, according to the FDIC who was appointed as receiver of both banks. This comes on the heels of last weeks bank failure in Southern Community Bank in Fayetteville, GA. This is the 11th bank failure in Georgia since the failure of Netbank in Alpharetta on September 28, 2007.
FDIC Failed Bank List
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Jim!
Ouch! Let's hope this is going to stop soon!
The Thom And Ray Team Midtown Atlanta Real Estate I think Georgia is accounting for one of the largest percentages of bank closings in the country!
Jim...we need more banks. I hope we bail them all out...and then every other industry that has problems, crank up those printing presses in Washington to just give them a helping handful of tax payer dollars. That's the American way these days. Something about an Uncle Sam that fixes everything for us...what happened to fix it yourself and pul yourself up by the bootstraps?
It is as expected. . . even more banks will be closing the rest of this year. I wonder what is the connection for some communities to have higher numbers of closings?
Jim,
Thanks for covering this, it is something I have been meaning to write about and have not done yet.
Unfortunately for these banks, they are not too big to fail.
Andrew Mooers | Northern Maine Real Estate / Aroostook County Broker (MOOERS REALTY) I agree. I really think the government has perpetuated this. If they let the chips fall where they may...we'd be half way out of this by now in a good recovery.
Fernando Herboso Real Estate Maryland, DC and Virginia (Key Realty Group-Foreclosures in Maryland,Rockville MD) Many of these communities are further out and more rural. Most of them I suspect had a lot of loans on speculative real estate investments including commercial real estate and no money down mortgages. That is just my guess.
Mark MacKenzie Real Estate Planning Well none of the small banks received any TARP funds. The other item is that there are many more to come. The Feds have just increased staff by 500 for just the east coast. It is not over yet by any means.
Jim - I checked out your link. A little over 15% of all bank failures have occured in GA. Are a lot of banks headquartered there or is there some other reason for this phenomenon?
Man, Georgia needs a Bank Czar and that is a fact dude. Let's see anyone need a job?
Erik Hitzelberger, --Louisville-Bullitt County Real Estate (RE/MAX Alliance) The industry in Atlanta was real estate...too many eggs in one basket. Too many spec homes, too free a credit policies, and now it is compounded by no jobs. I believe we have another 40+ on a watch list in our state.
Charles Stallions Real Estate 800-309-3414 Pensacola, Fl. Charles you are probably right.