Montgomery Bank & Trust in Ailey (just outside Vidalia), which failed Friday, was “saved” by an investment fund a year and a half ago that turns out to have been fraudulent. One of the directors of the bank also ran the fund, which swindled investors out of millions of dollars. That bank director, Aubrey Lee Price, is now missing and so is the money.
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An update on the Georgia banking crisis, which is slowly abating
So where do we stand in terms of the Georgia banking crisis? It’s clear, first off, that things are improving, despite the 76 bank failures in the state since 2007 — and despite at least 65 banks in the state…
As 2011 ends, a look at status of Georgia’s banking crisis
I’m assuming that there won’t be any bank failures on Friday, Dec. 30, which means we can look at the data for the year as a whole. The FDIC shuttered 92 banks in the U.S. in 2011; 23 of those…
A big vote of confidence in American banking system — from European banks
The Street Light has noted in recent days that European banks have been pouring money in recent months into American banks: The cash assets (i.e. bank deposits) that foreign banks are keeping in the US banking system has risen sharply…
Update on the Georgia banking crisis
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…
A mid-year update on Georgia’s banking crisis
The FDIC apparently took the holiday weekend off: no banks were closed yesterday in the United States. With half of 2011 gone, here’s a little data from the “state stress level” compiled by surferdude808 and available here on Calculated Risk:…
State senate banking chair has property in foreclosure, and other commercial real estate misadventures
Credit is tight, demand is weak, and the commercial property bubble burst right after the residential one did. I have followed housing issues primarily over the last few years, but the commercial market has been tough too. Take a look…
Quick update on the Georgia banking crisis
Well it’s been a quiet few weeks for the FDIC. Only three banks in the entire country were closed in March, and there hasn’t been a bank in Georgia shut down since February 18th. Every week that goes by with…
More details on Georgia banking crisis
I’ve written a number of times in this blog — and often in my column in the Savannah Morning News too — about the banking crisis in Georgia, which seems to have gotten more scrutiny from outside the state than…
Some background on the banking crisis in Georgia
I have been getting a lot of questions about issues regarding the ongoing banking crisis — FDIC orders, bank closings, etc. First off, I should say that the Federal Deposit Insurance Corporation is easy to find online and their site…
An ugly new wrinkle in Georgia’s banking crisis
An article in today’s AJC, Feds’ suit targets state senator, other officials of failed bank, almost reads like something from The Onion. As the state’s banking crisis has deepened — Georgia leads the nation in bank failures since the recession…
Larry Summers critiques new book critiquing policy responses and causes of the deep recession and slow recovery
Very wonkish, but it’s worth checking out Lawrence Summers on ‘House of Debt’ in the FT. From Summers’ review/critique of the new book House of Debt by Atif Mian and Amir Sufi: Mian and Sufi, professors at Princeton and the…
A few thoughts on the Atlanta Braves moving to Cobb County
I should begin by saying that I have never been to a Braves game. I have never been to Turner Field, and I haven’t even been to Atlanta in several years. So I don’t have a dog in this hunt.…
Good news for The Coastal Bank as FDIC lifts consent order
I’ve written a fair bit over the last couple of years about banking problems, so it’s been kind of a relief — and a bit of a surprise — to see the steady unwinding of the aggressive FDIC actions that…