Bank failures in Georgia are becoming way too common and almost a weekly event. Today, we had another bank fail in Georgia and it subsidiares. Regulators shut down Security Bank Corp of Macon Georgia. the failure was a total of six banks with 20 branches. This was the 16th bank failure for Georgia this year, and the 64th national bank failure this year. Georgia leads the nation with bank failures. Nationally, this month has been the biggest and in July we had a total of 19 bank failures. Accorging to the FDCI - State Bank and Trust Company of Pinehurst, GA will assume the deposits at the six banks, and those branches will reopen under State Bank's name tomorrow. Those branches are: Security Bank of Bibb County in Macon; Security Bank of Houston County in Perry; Security Bank of Jones County Gray GA; Security Bank of Gwinnett County Suwanee; Security Bank of North Metro in Woodstock GA; and Security Bank of North Fulton in Alpharetta GA.
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Hi Jim
Are the banks to small to bail out?
Good luck and success.
Lou Ludwig
Lou Ludwig CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO, (Ludwig & Associates) Good question Lou. None of the small banks across the country are eligible to be bailed out with any TARP funds. That is just for the big boys.
Goodness!!! Again!!! What or who, in your opinion, is the strongest bank in Georgia. Remember my daughter lives there.
Barbara S. Duncan ABR, CRS, GRI, e-PRO Searcy AR (RE/MAX Advantage) I bank in Wachovia. I wanted a larger bank.
Wow, 25% of the bank failures this year have been in Georgia. I am really curious as to why that is.
Mark MacKenzie Real Estate Planning The industry here is real estate, development, construction and home building and it was highly speculative. There is a big price to pay for easy credit and building spec properties.
Hi Jim...That's a Lot of Banks going out of Business, Good Thing the State is there with their Bank to look after depositors.
Cheers, thanks for sharing this story.
Jim,
This one hit kind of close to home for me. I have a good friend at Security bank of Gwinnett and I have 3 listings from the parent company. As far as I know my listings will stay in place. The good news is that my friend still has a job. The new holding company is keeping the current employees(for now). They don't have enough of their own staff to open the doors.
I know they were very heavy on construction lending. Like many other banks, when the market turned they got caught holding a bunch of empty lots, "pvc farms", and half finished or unsold houses.
Victoria Oak Bay Realtor Fred Carver 250-598-2963 for Victoria Oak Bay Homes (Re/Max Camosun Oak Bay & Surrounding Area Real Estate) It all depends....on some of these deals there were those that exceeded the FDIC temporary limits of 250K and those deposits were uninsured. Failrd banks that were taken over in a buyout all the deposits were covered.
Bob Southard,e-Pro Powder Springs and Marietta Real Estate (Solid Source Realty) It is very scary when you consider that we still have a long way to go in Atlanta metro with other banks just like them. This is not over yet by any means.
Jim:
We have seen this story before. Again another bites the dust. Stupidity and lack of prime directive to protect their capital.
Richard
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) There had to be no oversight whatsoever on these institutions from the Government. This is the same Government that says it can deliver healthcare. I know they are incapable of doing that also.
Wow, Jim. That's too many.
Here in Frisco Texas, it seems like there is a bank in every intersection along with our gas stations. You really wonder what they thrive on. Certainly, it's not savings of the people. We are major spenders here.
Loreena Yeo - Broker|Realtor(R) of www.Frisco-TX-Homes.com (214) 783-2210 (3:16 team REALTY) Many of the banks survived solely on credit. A lot of Americans will wake up too late when they realize that none of your local banks are covered by the bailouts... NONE!
Do you think there were too many banks in the business? Consolidation in this industry is past due.
John Walters Slidell Real Estate Slidell Louisiana Homes (Frank Rubi Real Estate, LLC) They were all speculating. It is my understanding it was too easy to become a bank in GA.
Jim - We are seeing bank failures as well here in AZ. Not sure of the number, but I heard there were three banks recently that failed, and know there were more before that. I think we are a long way from recovery.