Maybe tonight is one of those nights you would like to sleep lightly with one eye opened. A little while ago, I posted a Blog about 2 bank failures in GA. Well no sooner than that story posted, another GA bank failed. This makes three for today!
Tattnall Bank, of Reidsville in south Georgia was closed this evening by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. Reidsville is the the county seat of Tattnall County GA, and the home of the Georgia State Penitentiary
It appears in the FDIC press release that this bank was shuttered.
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For more information, please read the FDIC press release.
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Jim:
Only the big government controlled banks may make it.
I hear most small and regionals are in trouble.
Richard
I think many are in trouble. It is interesting that people are taking this in stide.
Jim..This is very sad...Three in one day...
Hannah
Makes you wonder about those commercials on tv by banks talking about how good they are doing.
Jim,
Yikes another, scary situation for everyone.
And the beat goes on.
I read the FDIC press release and it appears that the take-over is orderly, as usual with an FDIC take-over.
Jim does Georgia lead the US in bank closings or what? It seems like there have been a ton of them.
Hannah Williams (Re/Max affiliates NE) It is scary isn't it?
Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) I think it is PR and spin.
Orange Co. Real Estate~Lynda Eisenmann, Broker-Owner, CRS,CRB,GRI,SRES, Brea, CA (Preferred Home Brokers) What is scary is what we do not see.
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate This bank was shuttered. So if there were accounts over 250K...they were not covered. I guess they are orderly as long as no one is losing principle.
Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) Yes all in all we have had 31 Banks in the last decade. Most were this year.
Jim. Anyone who is sentient should know not to put more than $250K in a bank.
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate I agree, but how long can that hold up? It is my take the FDIC Deposit Insurance fund is now in the red, and will be in the black in 2-3 years. However, that is at the current rate of failures. I do not know how many more banks are in bad shape.
I'd like to say that this is shocking, but at this point it's become the "new normal"...
Debbie Summers - MoveToLakeMary.com or 407-758-1020 (RE/MAX Central - Florida) I am of the belief there is a lot more of this coming.
How many down and how many left to go? Big banks will buy these for pennies on the dollar to increase the banking monopoly empire.
Tony Toto Real Estate Investor Gurnee, IL (Real Estate Investor) Tony I've heard the same thing...when this is all over there will only be the big monoploy banks left. Very sad!