Our Georgia History
 

Bank Failures in Georgia
August 29, 2008 Alpharetta-based Integrity Bank, with assets of 11.1 billion dollars is closed by the FDIC. All assets are purchased by Regions Financial over the weekend.
  Bank Failures in Georgia
October 24, 2008 Alpharetta-based Alpha Bank and Trust is closed by the Georgia Department of Banking and Finance and the FDIC is appointed receiver.
  Bank Failures in Georgia
December 5, 2008 The First Georgia Community Bank, Jackson, GA became the third Georgia bank to close this year. The Georgia Department of Banking and Finance named the Federal Deposit Insurance Corporation (FDIC) as Receiver. United Bank of Zebulon, GA immediately assumed all depository accounts and other bank assets.
  Bank Failures in Georgia
December 12, 2008 Haven Trust Bank in Duluth, Georgia was closed Friday by the Georgia Department of Banking, which named the FDIC as receiver. The FDIC immediately transferred the deposits to Branch Banking & Trust (BB&T), headquartered in Winston-Salem.
  Bank Failures in Georgia
February 6, 2009 FirstBank Financial Services of McDonough, Georgia, was closed by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. Deposits and some assets were transferred to Regions Bank, Birmingham, Alabama
  Bank Failures in Georgia
March 6, 2009 Freedom Bank of Georgia in Commerce was closed by the Georgia Department of Banking and Finance and the FDIC was named as receiver. Deposits and some assets were transferred to the Northeast Georgia Bank in Lavonia.
  Bank Failures in Georgia
March 20, 2009 FirstCity Bank of Stockbridge, Georgia, is closed by the Georgia Department of Banking and Finance. The FDIC is named receiver, but no bank is willing to assume the deposits
  Bank Failures in Georgia
March 27, 2009 Omni National Bank, Atlanta, Georgia, was closed by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. SunTrust Bank, Atlanta, Georgia, will act as paying agent for the insured deposits.
  Bank Failures in Georgia
April 24, 2009 American Southern Bank, Kennesaw, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Bank of North Georgia, Alpharetta, Georgia, to assume all of the deposits, excluding those from brokers.
  Bank Failures in Georgia
May 1, 2009 Silverton Bank, National Association, Atlanta, Georgia, a commercial bank that provided banking services to other banks, was closed by the Office of the Comptroller of the Currency (OCC). The Federal Deposit Insurance Corporation (FDIC) created a bridge bank to assume operations.
  Bank Failures in Georgia
June 19, 2009 Southern Community Bank, Fayetteville, Georgia was closed by the Georgia Department of Banking and Finance. the Federal Deposit Insurance Corporation (FDIC) was appointed receiver. The FDIC assumption agreement with United Community Bank, Blairsville, Georgia, to assume all of the deposits of Southern Community Bank.
  Bank Failures in Georgia
June 26, 2009 Community Bank of West Georgia, Villa Rica, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC was appointed receiver. They will mail checks to depositors for their insured funds.
  Bank Failures in Georgia
June 26, 2009 Neighborhood Community Bank of Newnan was closed by the Georgia Department of Banking and Finance. The FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of Neighborhood Community Bank.
  Bank Failures in Georgia
July 17, 2009 First Piedmont Bank, Winder, was closed by the Georgia Department of Banking and Finance. The FDIC entered into a purchase agreement with First American Bank and Trust Company, Athens, Georgia, to assume all of the deposits.
  Bank Failures in Georgia
July 24, 2009 Security Bank Corporation of Bibb County, Jones County, North Metro, North Fulton, and Gwinnett County, organized as individual banks, were closed today by the Georgia Department of Banking and Finance. The FDIC entered into a purchase agreement with State Bank and Trust Company, Pinehurst.
  Bank Failures in Georgia
August 21, 2009 ebank, a Georgia bank and one of the first Internet Banks fails. Its assets are purchased by Stearns Bank
  Bank Failures in Georgia
December 4, 2009 Three banks fail. First Security National bank of Norcross, The Buckhead Community Bank, Atlanta and the Tattnall Bank, Reidsvile. The State Bank and Trust purchased the assets of the first two and Heritage Bank of the South purchased the assets of the third bank.
  Bank Failures in Georgia
January 29, 2010 Community Bank and Trust, Cornelia, GA fails. Its assets are purchased by SCBT National Association
  Bank Failures in Georgia
January 29, 2010 First National Bank of Georgia, Carrollton, fails. Its assets are purchased by Community and Southern Bank.
  Bank Failures in Georgia
March 19, 2010 Century Security Bank, Duluth, GA fails. Its assets are purchased by the Bank of Upson
  Bank Failures in Georgia
March 19, 2010 Appalachian Community Bank, Ellijay, GA, fails. Its assets are purchased by Community and Southern Bank.
  Bank Failures in Georgia
March 19, 2010 Bank of Hiawassee fails. Its assets are purchased by Citizens South Bank.
  Bank Failures in Georgia
March 26, 2010 McIntosh Commercial Bank, Carrollton, GA fails. Its assets are purchased by Charterbank.
  Bank Failures in Georgia
March 26, 2010 Unity National Bank, Cartersville, GA fails. Its assets are purchased by Bank of the Ozarks
  Bank Failures in Georgia
May 14, 2010 Satilla Community Bank in St. Marys, GA fails. Ameris Bank purchases its assets
  Bank Failures in Georgia
June 25, 2010 First National Bank, Savannah, GA fails. Its assets are purchased by The Savannah Bank.
  Bank Failures in Georgia
July 23, 2010 Crescent Bank and Trust Company, Jasper, GA fails. Its assets are purchased by Renasant Bank.
  Bank Failures in Georgia
September 17, 2010 Bank of Ellijay fails. Its assets are purchased by Community and Southern Bank
  Bank Failures in Georgia
September 17, 2010 First Commerce Community Bank, Douglasville, GA fails. Its assets are purchased by Community and Southern Bank.
  Bank Failures in Georgia
September 17, 2010 The Peoples Bank, Winder, GA fails. Its assets are purchased by Community and Southern Bank
  Bank Failures in Georgia
October 22, 2010 The Gordon Bank, Gordon, GA fails. Its assets are purchased by Morris Bank.
  Bank Failures in Georgia
October 22, 2010 The First National Bank of Barnesville fails. Its assets are purchased by the United Bank, Zebulon
  Bank Failures in Georgia
November 12, 2010 Darby Bank and Trust Co., Vidalia, GA fails. Assets are purchased by Ameris Bank.
  Bank Failures in Georgia
November 12, 2010 Tifton Banking Company, Tifton, GA fails. Its assets are purchased by Ameris Bank.
  Bank Failures in Georgia
December 17, 2010 Chestatee State Bank, Dawsonville, GA fails. Its assets are purchased by Bank of the Ozarks.
  Bank Failures in Georgia
December 17, 2010 Appalachian Community Bank, FSB, McCaysville, GA fails. Its assets are purchased by Peoples Bank of East Tennessee.
  Bank Failures in Georgia
December 17, 2010 United Americas Banks N.A., Atlanta, fails. Assets are purchased by State Bank and Trust Company
  Bank Failures in Georgia
January 14, 2011 Oglethorpe Bank, Brunswick, GA fails. Assets are purchased by Bank of the Ozarks.
  Bank Failures in Georgia
January 21, 2011 Enterprise Banking Company, McDonough, GA fails.
  Bank Failures in Georgia
February 4, 2011 American Trust Bank, Roswell, GA fails. Assets are purchased by Renasant Bank
  Bank Failures in Georgia
February 18, 2011 Citizens Bank of Effingham, Springfield, GA fails. Assets are purchased by Heritage Bank of the South
  Bank Failures in Georgia
February 18, 2011 Habersham Bank, Clarkesville, GA fails. Assets are purchased by SCBT N. A.
  Bank Failures in Georgia


By 2011 Georgia held the dubious distinction as the epicenter of bank failures in the aftermath of the Great Recession. But lawmakers who investigated the causes questioned whether some of the shuttered banks were victims of overzealous regulations and strained relations with examiners.

Between January 1, 2008 and August 15, 2011 Georgia suffered 67 bank failures, far more than any other state. Many of those banks collapsed due to lax lending practices that left them laden with bad debt after the downfall of the housing market. But other troubled banks with better track records struggled to broker deals with regulators, and their failures wiped out generations of wealth, said U.S. Rep. Lynn Westmoreland, the Georgia Republican who organized the hearing.

Bank executives complain of testy relations with regulators and onerous legislative restrictions. One banker said "second guessing and weariness" plagues interactions with bank examiners. Another said lenders are overwhelmed by the new rules imposed by last year's Wall Street Reform and Consumer Protection Act, passed in response to the 2008 financial crisis.

Other systemic problems could be traced to the 1990s, when state regulators seemed to relax strict standards to make it easier for potential bankers to get charters, said Gary Fox, the former chief executive of Bartow County Bank, which failed in April.

That led to a glut of banks in small communities that couldn't support new lenders, forcing them to seek more business at lower rates in other markets. Soon, competitors were flooding the metro Atlanta market trying to outdo each other.




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