Montgomery Bank & Trust, Georgia, Closed By Regulators

Montgomery Bank & Trust, a long time presence in Ailey, Georgia, was closed today by the Georgia Department of Banking and Finance.  Montgomery Bank and Trust, which had been in business since 1926, became insolvent after a large amount of borrowers defaulted on their loans. The FDIC was appointed as receiver and sold the failed […]

30,000 Whistleblowers Report Suspected Bank Fraud To Feds

The government agency established to be the watchdog over the Troubled Asset Relief Program (TARP) has been keeping busy.  The financial crisis of 2008 resulted in the disbursement of over $400 billion of TARP funds which requires government oversight. In order to prevent waste, fraud and abuse of taxpayer funded TARP disbursements, Congress created the […]

U.S. Treasury Says Financial Crisis Is Over But The Next One May Be Right In Front Of Us

According to the U.S. Department of the Treasury, the worst of the financial crisis is now behind us and the TARP bank bailout program has generated positive returns. In an article entitled “The U.S. Economy in Charts”, the Treasury Department notes that the economy is gradually getting stronger as evidenced by 10 straight quarters of […]

Central Bank of Georgia Fails After Serving Public For 102 Years

Any bank that can last for 102 years deserves special recognition for surviving business panics, stock market crashes, world wars and economic depressions.  The Central Bank of Georgia, Ellaville, GA, is in this category, having been established on September 16, 1910 and surviving until today when the Georgia Department of Banking and Finance closed the […]

TARP Lives On – 370 Problem Banks Remain On U.S. Treasury Life Support

The $700 billion Troubled Asset Relief Program (TARP) that was authorized in 2008 to bailout failing financial institutions is still in the process of being wound down.  The latest report from the Government Accounting Office (GAO) (which is required by law to report on TARP every 60 days) reveals that the U.S. Treasury is still […]