I already wrote about the Friday failure of The First State Bank in Henry County, Ga., and I’ve written a lot about the Georgia banking crisis generally. Some interesting info in this excellent reporting from the AJC: Henry has been…
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Banks in Georgia and Florida the first to close in 2012
From the FDIC moments ago: The First State Bank, Stockbridge, 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 few links on Europe: How far can the can be kicked down the road?
I’m not heartened by last week’s agreement among Eurozone countries to commit to stricter austerity packages. At best, things are going to get really, really messy as countries continue to cut budgets, as growth slows, as a variety of treaties…
Will it be unlucky 13 for the euro?
The euro was adopted on January 1st, 1999, so the currency is about to turn 13. I’m not a conspiracy theorist, or a numerologist, or a triskaidekaphobe. But 13 might turn out to be a very unlucky number. I’ve written…
Another Georgia bank fails . . .
Normally the FDIC shuts down banks on Fridays, but tomorrow is Veterans Day. From the press release: Community Bank of Rockmart, Rockmart, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance…
Georgia banks: what went wrong?
I’ve made a lot of posts about the number of failed banks in Georgia since 2008. While we haven’t gotten anything close to a full accounting of the reasons for the crisis in Georgia, there are obvious culprits: lax regulation,…
AJC: Feds file another lawsuit over a failed Georgia bank
From today’s AJC: The Federal Deposit Insurance Corp. accuses the executives and directors of of Alpha Bank & Trust of sloppy lending practices and strategy focused on “growth above all else, including safety and soundness,†according to a lawsuit filed…
Senator Johnny Isakson has another bad idea to help the housing market
Georgia Senator Johnny Isakson was one of the major proponents of the homebuyer tax credit, a spectacularly failed policy whose only clear beneficiary was the banking system. I discussed the failures of the tax credit here. Now Isakson is selling…
Two more Georgia banks shut down by the FDIC
I’ve been writing a lot about the banking crisis in Georgia, and I’m not going to repeat all my concerns in this post. It was predictable that the FDIC would be back in the state this weekend. Southern National Bank…
SMN on continuing struggle of Savannah’s community banks
I have written a lot about the banking crisis in Georgia. By the way, I don’t use the word “crisis” lightly. I’ve been using it for a few years to describe the real estate sector, but the recent debt debate…
AJC: Federal lawsuit filed against insiders of state’s largest failed bank
I’ve written a lot about Georgia’s banking crisis, and here’s another post on it. According to the AJC this morning: Federal bank regulators sued 17 former directors and officers of Silverton Bank on Monday, accusing the officials of gross negligence…
Statesboro bank closed by the FDIC
It’s been more than a month since a Georgia bank was closed, but that changed today with the failure of First Southern National Bank of Statesboro. From the FDIC press release: First Southern National Bank, Statesboro, Georgia, was closed today…
Two slow recoveries in the last decade for U.S. economy
According to the Bureau of Labor Statistics, the United States added a seasonally adjusted 117,000 jobs in June. That’s a fairly weak number, but it was higher than expectations after some of the weak economic data that was recently released.…
Georgia on the FDIC’s mind. Again. Still.
The FDIC got off to a quick start today, closing two Georgia banks well before the usual 5 p.m. witching hour: High Trust Bank, Stockbridge, Georgia, and One Georgia Bank, Atlanta, Georgia. From the FDIC’s press release: Ameris Bank, Moultrie,…