A while ago, I signed up on the FDIC website to receive notifications of press releases as they occur. We've had so many bank failures in GA I thought it a wise thing to do. This evening we have has two sets of banks fail in GA. One had 11 branches and the other had over 36 branches. So this is not a small event. The cumulative FDIC bank failure list for Georgia now stands at 32 banks failed.
1.) According to an FDIC press release this evening, the First National Bank of Georgia, located in Carrollton, GA, was closed this evening by the Office of the Comptroller of the Currency OTC, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Community & Southern Bank, Carrollton, Georgia, a newly chartered institution, to assume all of the deposits of First National Bank of Georgia. The 11 branches of First National Bank of Georgia will reopen on Saturday as branches of Community & Southern Bank. Depositors of First National Bank of Georgia will automatically become depositors of Community & Southern 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.
*****This evening and weekend, depositors of First National Bank of Georgia 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.*****
2.) Also, Community Bank and Trust, Cornelia, GA, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SCBT, N.A., Orangeburg, South Carolina, to assume all of the deposits of Community Bank and Trust.
The 36 branches of Community Bank and Trust will reopen during normal business hours as branches of SCBT, N.A., but will continue to conduct business under the name Community Bank and Trust. Depositors of Community Bank and Trust will automatically become depositors of SCBT, N.A. Deposits will remain insured by the FDIC, so there is no need for customers to change their banks to retain their deposit insurance coverage. Customers should continue to use the former Community Bank and Trust branch until they receive notice from SCBT, N.A. that it has completed systems changes to allow other SCBT, N.A. branches to process their accounts as well.
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Jim, I hate to hear this news. Hard to believe 31 banks have failed in Georgia...scary! I have friends who tell me they are thinking of taking their money out of the bank and keeping it at home...scary also.
Rebecca Gaujot Lewisburg WV Realtor (Coldwell Banker Stuart & Watts Real Estate) 31 banks is very scary, so is not banking and stuffing money in a mattress. What was bothering me more about this evenings announcement was "The FDICentered into a purchase and assumption agreement with Community & Southern Bank, Carrollton, Georgia, a newly chartered institution, to assume all of the deposits of First National Bank of Georgia."
The FDIC is essentially broke, and borrowing years ahead from the Federal government too keep working. They are essentially out of cash. These are new creative ways to make it appear they are solvent and prevent panic. The FDIC also has just hired another 500 and expanded its budget. That can only mean that more bank failures are anticipated.
This sounds terrible. Should my daughter leave the state of Georgia??
Jim..This is so sad..If my mother was alive she would think she was reliving the depression
HelpfulHannah
Barbara S. Duncan ABR, CRS, GRI, e-PRO Searcy AR (RE/MAX Advantage) I think what persons need to know is this is happening in more places than we would like to believe. This isn't Flodida, Nevada, Michigan or California...., yet in bank failures we are leading the nation. Very scary.
Hannah Williams (Re/Max affiliates NE) I think what persons do not understand about the Great Depression was that it wasn't a 1 year event. It started in 1925 with rising unemployment. Foreclosures started to rise because no one could find work. The mortgage used back then was a interest only balloon note with a 7 or 15 year term. By 1929 the banks were so weak that they could not be propped up anymore. Government intervention no longer worked. It sort of makes you stop and think where are we in this recession?
Wow ! this is a very interesting blog . Attending a seminar with a demographic person who predicts this. I feel you guys will crawl out of this slowly but surely!! Watch the "negative trap"
Jim...it's only the beginning...Cherise
Carl Stars (Sutton Group About Town Realty ) It will be a slow recovery. Who's negative? This is a reality.
Cherise Selley - Colorado Springs Realtor (Selley Group Real Estate, LLC) I agree...this is occuring when the government is bailing us out!
Thanks for posting. i too want to get these notifications. We haven't recovered just yet. I'm interested to see what's to come here before we do. I actually hope it doesn't get to the way it was.
Crystal Leach (Servpro of Norcross) On the links above you can sign up for notifications on the main FDIC website. I looks for the 'Press releases!"
Subscribe here. Subscribe via Email
My partner and I am considering moving to Atlanta. We seem to like the midtown area for it diversity. We are looking for an area where we can meet other gay and lstraight couples. I tend to like the highrise buildings and he likes the townhouse type. Any suggestions of places/buildings that would suit us? Please look and my blog to see some building that we seem to like. We would really like suggestions.
http://web.me.com/rwgrimm/Robs_Blog/Blog_with_Rob/Blog_with_Rob.html
Jim:
This is wild. Do the Atlanta area banks have high exposer to commercial real estate also?
Richard
Jim,
FDIC sure is busy nowadays in Georgia. And elsewhere, too. Hopefully things improve there soon.
We have a terrible situation in California, but then this is a state of 35 million people. I read that Georgia accounts for 1/5th of all the bank failures in the United States. I think we fall behind you guys.
ROB - It depends on where and what you are buying. Condos are very hard hit right now, and in my own opinion not a smart buy. A single family home may be your safest bet. There are a lot of items to consider when buying in the city of Atlanta including rising taxes, and city layoffs. It is in the news daily if you are local. This is one market you need to research before plunging.
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) Yes we do have a tremendous exposure here on commercial real estate.
Esko Kiuru - Las Vegas NV Mortgage Consultant (FHA, VA, Conventional, Refinance, Jumbo) It is going to take time.
Elizabeth Weintraub, Sacramento Short Sale Agent, 916.233.6759, Lyon RE (Lyon Real Estate) We have about 9.5 million and more banks failures than the state of California.
Thanks for the info. I am sorry to hear that my old home state leads the nation in failures. GO DAWGS
Tom Bailey (At Waves Edge Coastal Real Estate) It is only the banks. The state is not a failure! Georgia is a great place to live.
Jim the banks are dropping like flies. I think if it weren't for TARP and the well connected we would already be on our way to recovery instead of being on life support still.
John Walters (Licensed in Louisiana U.S.A.) (Slidell, Pearl River, Lacombe) What most persons do not realize about TARP was that it was basically for the banks too big to fail! This way Congress could pay back their political donors! It is the small regional banks are getting slaughtered.
Jim ~ Thanks once again for keeping all of us informed on the bank failures. I agree with you its the small regional banks & businesses that are being wiped out! Where the hell is our BAIL OUT? It has now been over 2 years since we have built a home. We have had only one lead and that guy went one to be a owner builder. Our building business doesn't exist anymore. If this country does not take care of the little guy, there will be NO Big Guy. Our phones have now quit ringing from Subs looking for work.
Franklin, NC ~ June Tassillo Realtor/Broker @ Classic GMAC (Classic GMAC Real Estate ) I totally agree. The government has taken care of their political donors. He have been left out to dry! I get calls all week long from persons that want to clean out vacant homes, or change locks on listings.