Georgia bank failures bring 2011 U.S. tally to 42

[OhioChick]

Source: MarketWatch

May 20, 2011, 5:56 p.m. EDT

SAN FRANCISCO (MarketWatch) -- Two Georgia bank failures raised the number of U.S. failed banks for the year to 42, according to the Federal Deposit Insurance Corp. on Friday. Regulators closed Atlantic Southern Bank of Macon, Ga., and First Georgia Banking Co. of Franklin, Ga. CertusBank of Easley, S.C., will acquire deposits and assets. The cost to the FDIC's deposit insurance fund for both banks is $430 million. The banks also bring Georgia's failed bank tally for the year to 12.

Read more: http://www.marketwatch.com/story/georgia-bank-failures-bring-2011-us-tally-to-42-2011-05-20?reflink=MW_news_stmp

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http://www.fdic.gov/bank/individual/failed/banklist.html

[jwirr]

1. Am I wrong, doesn't Georgia have an awful lot of bank failures? Is

there a reason why?

[kirby]

3. I wish there would be an investigation...

There seems to be some shenanigans in GA with all the bank failures. There must be some reason to the pattern of defaults--especially in such a right-wing area.

[pscot]

2. That's not even 10 a month

Green shoots.

[pfitz59]

4. Summit Bank in Washington State just failed.

Too many loan losses. Sold to Columbia Bank.