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…
Tag: Banking
BusinessInSavannah.com: 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 | BusinessInSavannah.com: The…
Bank failures and scandals, state revenue, T-SPLOST, tax credits for filmmakers — a roundup of my recent Peach Pundit posts
Regular readers will know that since June I’ve been a regular contributor (2-3 posts per week) to Peach Pundit, the most important political blog in Georgia.
Another Georgia bank failure, an international fugitive, and another state legislator caught up in banking scandal
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.
FDIC back in action: one Georgia bank closed today
The FDIC is far behind the 2011 pace of closures, which was considerably behind 2010. Georgia continues to lead the nation in bank failures since the economic crisis, but the 5 closed so far this year is far lower than the 23 Georgia banks closed in 2011.
Bank failure Friday yet again in Georgia
From the FDIC press release: Covenant Bank & Trust, Rock Spring, 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…
Bank failure Friday again in Georgia
From the FDIC: Global Commerce Bank, Doraville, 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…
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…
Another Georgia bank fails
Central Bank of Georgia in Ellaville, Georgia was closed today. From the FDIC press release: Central Bank of Georgia, Ellaville, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC)…
All 5 banks based in Henry County, Ga. closed since 2008
I already wrote about the Friday failure of The First State Bank in Henry County, Ga., and I’ve written a lot about the Georgia banking crisis generally. Some interesting info in this excellent reporting from the AJC: Henry has been…
Banks in Georgia and Florida the first to close in 2012
From the FDIC moments ago: The First State Bank, Stockbridge, 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…
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…
What happened to bank failure Fridays?
There are still 977 banks known to be facing some sort of heightened scrutiny from the FDIC, according to the unofficial problem bank list regularly posted at Calculated Risk. But the odds are looking better and better that the majority…
Fed, ECB and other central banks buoy markets — but have just kicked the can down the road
Yesterday’s post about the euro ended with brief speculation about the U.S. Federal Reserve’s possible involvement in supporting Europe. And then this morning early, the Fed joined other major central banks in a coordinated move that will add liquidity to…