Audit: Freedom Bank grew too fast before failure, regulators too slow
October 8, 2009
By MoneyAisle
According to the Atlanta Business Chronicle, “Freedom Bank of Georgia grew too fast and regulators weren’t aggressive enough in supervising the Commerce-based bank, which failed last March.”
When the financial institution went under last year, it had $176.4 million in assets. As a result of the failure, the FDIC lost $35.8 million.
According to reports, poor strategy and management plans led to the collapse of Freedom Bank. For example, it focused too much on its real estate sector.