U.S. regulators close Georgia bank; 95th failure
October 8, 2009
By MoneyAisle
An article in Reuters reports that Georgian Bank of Atlanta was closed by regulators, making it the 95th bank to fail in the nation this year.
According to the FDIC, Georgian Bank’s five branches had $2 billion in both assets and deposits. The bank, which primarily served prosperous property developers, will cost the FDIC’s insurance fund roughly $892 million.
“Georgia banks have been especially hard hit by the financial crisis, where home building outstripped demand. Nineteen of the 95 banks that have failed this year have been based in Georgia.”