Yes there were two more Georgia Bank failures this weekend. It is becoming so routine for bank failures in Georgia these days that it does not even make much news, but it should. Something is definitely wrong when you lead the nation in bank failures. That is not a statistical feather that places well in your cap! From what I see GA participated it too easy a credit, no money down purchases, and real estate speculation on steroids. There is a price that has to be paid and we are seeing that now in the death knoll for GA Banks.
On Friday according to the FDIC Press Release March 26th, 2010...
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McIntosh Commercial Bank, Carrollton, 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 assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of McIntosh Commercial Bank.The four branches of McIntosh Commercial Bank will reopen during regular business hours beginning Saturday as branches of CharterBank. Depositors of McIntosh Commercial Bank will automatically become depositors of CharterBank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
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Unity National Bank, Cartersville, Georgia, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Unity National Bank. The five branches of Unity National Bank will reopen on Saturday as branches of Bank of the Ozarks. Depositors of Unity National Bank will automatically become depositors of Bank of the Ozarks. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
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