As if the Atlanta area needed any more failures. Just as we thought is was safe to come out of the water, another bank failed! Georgian Bank is the 19th bank failure in Georgia since January 1. We are averaging 2 bank closures a month here in Georgia. Georgian Bank is the 8th largest bank failure in the United States this year. According to press release today from the FDIC - Georgian Bank of Atlanta, GA was closed today by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. The FDIC entered agreement with First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits of Georgian Bank. The five branches of Georgian Bank will reopen on Monday as branches of First Citizens Bank. Depositors of Georgian Bank will automatically become depositors of First Citizens Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Friday's closure cost the FDIC an estimated $892 million.
Accroding to the FDIC press release:
"This evening and over the weekend, depositors of Georgian Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual."
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This is terrible news. Blessings for a great weekend.
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Jim, it is very sad when local banks close. We hope you and your family are high and dry. Our family in Atlanta is okay - except for a flooded swimming pool by Peachtree Creek and a wet basement.
Larry Ludlow (Keller Williams Realty) I agree. Thanks for stopping by.
Sharon Alters, CDPE-Short Sales Jacksonville-Orange Park-Fleming Island (Watson Realty -) We are doing fine. Thanks for asking.
The more things change, the more things stay the same.
On the one hand, small and undercapitalized banks are being closed.
On the other hand, if you're big enough and undercapitalized, the government will give you a few $Billion to tide you over.
Not such good news. Do you need some money for goceries next week Jim? (smiling) Hang tough.
Jim Crawford..the one fellow to see when you have a real estate property to sell, buy in the Atlanta area.
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Lenn, you are so right. Most persons do not realize that only the big banks were eligible for TARP.
Jim, I don't know the statistic around here, but I'll have to see if I can find them. Just today I noticed an empty bank location in a Crofton subdivision, and I wondered out loud how long it's been empty.
Hello Jim, true to your previous reports the string of failing banks in Georgia was not over. On one hand it is good to see customers covered by the FDIC, on the other hand we must wonder how long the FDIC can keep doing these rescues. John
Hi Jim, I don't believe we've seen as many failed banks in Missouri yet. I must remember we are always the last to feel the change in the economy. I keep hearing rumors of one bank in our area that is going under. Hope you and Joan are staying high and dry.
Margaret Woda, Maryland Real Estate (Long and Foster, Crofton Real Estate) I think Maryland has only had 2 failures. There was one in Crofton and one in Baltimore if I remember correctly.
Alexander-Slocum REMAX Team - Vancouver WA Real Estate (RE/MAX equity group, inc. - Vancouver Washington) The FDIC is seeking alternative ways to raise more cash for its funds. This cannot really go on forever.
Kay Van Kampen, CDPE, Broker, Springfield Missouri Real Estate (RE/MAX Solutions) We are high and dry here.