Posted on Monday, 7th December 2009 by admin
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Yesterday three Georgia Banks have been shut down by Federal regulators.
This year most of the banks that has been closed by the FDIC were located in Georgia.
Tatnall Bank of Reidville, First Security National Bank in Norcross, and Buckhead Community bank in Atlanta have been seized by FDIC.
Total Banks closed by Fed
This raised the figures of total banks closed this year by Fed to 130 banks. Out of this total 24 banks are in Georgia, which makes the state with the most failures.
It has been said by the analysts that one reason for that is that the state has a lot of small banks. These banks are opened by the people having the intention of selling them to bigger ones and these newer banks didn’t have the foundation to weather the real estate crisis.
Tags: Banks, banks closed by FED, FDIC, Fed, Georgia banks, news about US banks, real estate crisis, small banks
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