The FDIC recently released its enforcement actions against two more Georgia banks: Century Bank of Georgia in Cartersville and The Coastal Bank in Savannah.
But The Coastal Bank had already gone public with that information. See this piece from the Savannah Morning News.
There are currently 995 institutions on the unofficial problem bank list maintained by surferdude808. It’s unofficial because it relies on public release of information about regulators’ orders, but The Coastal Bank was already on that list after someone passed along word of the SMN coverage.
There haven’t been any Georgia banks closed for a couple of weeks now, but Georgia still accounts for 16 of the 61 banks that have failed so far in 2011.
But it’s worth noting that at this point in 2010 the FDIC had closed over 100 banks. The slower pace of closures — unless it is suddenly reversed — dramatically increases the odds of individual banks surviving this protracted weak economy. Early in the crisis, the vast majority of banks that exited the problem list did so through failure, but that has to shift if the FDIC is going to close only about 100 banks this year despite almost 1,000 on the problem list.
So that’s a glimmer of good news for banks on the problem list, including the 63 in Georgia.
In addition to The Coastal Bank, two other Savannah area banks are known to be under regulator scrutiny: The Heritage Bank in Hinesville and First Chatham Bank in Savannah.
Note: not all banks that have been closed have been on the unofficial problem bank list.