Seven officials of failed bank indicted in fraud case

The ongoing saga of the Georgia banking crisis continued today with indictments of seven people associated with the failed First National Bank of Savannah.

From Business in Savannah’s Former Savannah bank president, six others indicted for fraud |

The former president and six other officers of First National Bank of Savannah were indicted by a federal grand jury, accused of defrauding First National Bank and other banks out of millions of dollars.

The long-running scheme allegedly contributed to the failure of First National Bank in 2010, which will cost the FDIC deposit-insurance fund more than $90 million, according to a press release from the Department of Justice’s Southern District of Georgia.

Click on through to the link if you’re interested in reading the names of those indicted today.

The pace of bank failures fell dramatically in 2012, but it’s entirely possible — quite likely, in fact — that more Georgia banks will fail in 2013.

And I’d say it’s very likely that we’ll see more indictments like these against bank officers around the state.

Georgia has led the nation in bank failures since the housing bust.