Yes there were two more Georgia Bank failures this weekend. It is becoming so routine for bank failures in Georgia these days that it does not even make much news, but it should. Something is definitely wrong when you lead the nation in bank failures. That is not a statistical feather that places well in your cap! From what I see GA participated it too easy a credit, no money down purchases, and real estate speculation on steroids. There is a price that has to be paid and we are seeing that now in the death knoll for GA Banks.
On Friday according to the FDIC Press Release March 26th, 2010...
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McIntosh Commercial Bank, Carrollton, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of McIntosh Commercial Bank.The four branches of McIntosh Commercial Bank will reopen during regular business hours beginning Saturday as branches of CharterBank. Depositors of McIntosh Commercial Bank will automatically become depositors of CharterBank. 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.
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Unity National Bank, Cartersville, Georgia, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Unity National Bank. The five branches of Unity National Bank will reopen on Saturday as branches of Bank of the Ozarks. Depositors of Unity National Bank will automatically become depositors of Bank of the Ozarks. 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.
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Had an accountant tell me he buys swiss currency as that country lives within its means, pays as it goes thinking. Strong and conservative and he has more faith then in a Federal Reserve that buys back its own paper. Not good and you were on the inside and see the large cracks you could throw a cat thru Jim Crawford, Atlanta GA Real Estate Broker.
Jim: Sorry to hear the news. There are a lot of failures in Georgia for its size. GA, FL, IL, CA, AZ. MI, wherever, we're all paying for it.
Andrew Mooers | Northern Maine Real Estate / Aroostook County Broker (MOOERS REALTY) I can fully understand that way of thinking. In GA we've become numbed to the failures, the vacant commercial real estate, foreclosures and bankruptcies. People need to take off the rose colored glasses, they are only kidding themselves.
Matt Grohe Remax Des Moines CRS, GRI, ABR (Remax Real Estate Concepts) I think we have 20%+ of all the bank failures in the nation here. It is incredible.
More signs of the times, Jim. Maybe we can get a good deal on used bank office furniture ? :-)
Jim,
We had too easy an entry point to start a bank in Georgia which has lead to our huge bank issues. This makes us "ground zero" in the bank world. Not a designation one should be going after.
All the best, Michelle
David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) Now that is an idea I overlooked!
Michelle Francis, Atlanta GA (Tim Francis Realty) I agree fully!