Three Banking Failures In Georgia And Illinois Bring Year’s Total To 14

Three banking failures in two different states increased the number of banking collapses in 2011 to fourteen banks. The FDIC, with a long list of 860 Problem Banks, was hit for $118.4 million in losses.  The total cost of banking failures in 2011 now totals $1.3 billion. During 2010 a total of 157 banking failures […]

North Georgia Bank Fails Under Crush of Defaulting Loans

February 4, 2011 – The Georgia Department of Banking and Finance closed troubled North Georgia Bank, Watkinsville, Georgia, and appointed the FDIC as receiver.   The failed bank was sold by the FDIC to BankSouth, Greensboro, Georgia, which assumed all deposits of North Georgia Bank. North Georgia Bank was put under regulatory oversight with the issuance […]