More Georgia bank failures — it’s getting a little embarrassing

I’ve previously written about the grim statistics regarding failed banks in Georgia. See Some background on the banking crisis in Georgia. We led the country (we’re number 1!) in failures from 2008 to 2010.

As of 7 p.m. this evening, February 4th, the FDIC has shut down 14 banks nationwide in 2011. Four are in Georgia, including two today. The latest additions to the FDIC failed bank list are North Georgia Bank in Watkinsville, east of Atlanta, and American Trust Bank in Roswell, north of Atlanta. The two banks combined will cost the FDIC’s Deposit Insurance Fund about $106 million.

Maybe a relentless series of bank failures during the current state legislative session will force a few lawmakers to start asking tough questions about policy or personnel failures that made Georgia ground zero for the current banking crisis.

Even if real estate values stabilize or rebound, and even if employment picks up, we should expect several dozen more Georgia banks to fail in the next two years.

1 comment for “More Georgia bank failures — it’s getting a little embarrassing

  1. matthew
    February 4, 2011 at 7:57 pm

    It would be interesting to see which powerful Georgians are/were on the boards of these banks… At least we are number one in something since we lost out to SC for worst performing schools.

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