Fri Jul 6, 2012, 11:24 PM

alp227 (20,464 posts)

Georgia Bank Fails, 2012 Tally at 32

Source: The Street

State regulators late Friday afternoon closed Montgomery Bank & Trust of Ailey, Ga., bringing this year's total number of bank failures to 32.

The failed bank was previously included in TheStreet's Bank Watch List of undercapitalized institutions, based on regulatory data provided by Thomson Reuters Bank Insight.

After Montgomery Bank & Trust had $173.6 million in total assets and $164.4 million in deposits when it failed. The Federal Deposit Insurance Corp. was appointed receiver and sold the failed institution's retail deposits to Ameris Bank of Moultrie, Ga., which is a subsidiary of Ameris Bancorp (ABCB_).

Customers with deposit accounts opened through brokers will need to contact their brokers for more information, since the FDIC pays brokers directly.

Read more: http://www.thestreet.com/story/11608229/1/georgia-bank-fails-2012-tally-at-32.html

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7 replies	Author	Time	Post
Georgia Bank Fails, 2012 Tally at 32 (Original post)	alp227	Jul 2012	OP
Is it just me, or is it always a Georgia bank?	bluedigger	Jul 2012	#1
Can't be just you since I wondered the same thing.	Solly Mack	Jul 2012	#3
5 this year, 23 last year	OnlinePoker	Jul 2012	#4
Thanks for the list.	bluedigger	Jul 2012	#5
There are MANY more banks in GA than most states.	FBaggins	Jul 2012	#7
How long will it take for the first..........	mrmpa	Jul 2012	#2
The state had the most lax mortgage regulations and rules in place. Atlanta--once the #1 City to do	Liberal_Stalwart71	Jul 2012	#6

Response to alp227 (Original post)

Fri Jul 6, 2012, 11:26 PM

bluedigger (10,579 posts)

1. Is it just me, or is it always a Georgia bank?

How do they have any left by now?

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Response to bluedigger (Reply #1)

Sat Jul 7, 2012, 02:31 AM

Solly Mack (49,509 posts)

3. Can't be just you since I wondered the same thing.

How many does that make exactly? I see the words 'bank fails' and 'Georgia' together a lot. (or so it seems)

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Response to bluedigger (Reply #1)

Sat Jul 7, 2012, 05:35 PM

OnlinePoker (1,225 posts)

4. 5 this year, 23 last year

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

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Response to OnlinePoker (Reply #4)

Sat Jul 7, 2012, 05:47 PM

bluedigger (10,579 posts)

5. Thanks for the list.

I counted 32 total this year, so just over one out of six.

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Response to bluedigger (Reply #5)

Sat Jul 7, 2012, 07:37 PM

FBaggins (11,646 posts)

7. There are MANY more banks in GA than most states.

The laws there encouraged much smaller banks.

If you were to add up every bank on the list from GA over the last couple years... you still wouldn't add up to one medium sized bank. Many of those banks (I think most, but I haven't checked in the last year) don't add up to a single large branch at one of the larger banks.

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Response to alp227 (Original post)

Sat Jul 7, 2012, 12:54 AM

mrmpa (1,825 posts)

2. How long will it take for the first..........

complaint to be made against one of the brokers? IMO, a broker or two out there will try and keep some of the FDIC money for their own.

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Response to alp227 (Original post)

Sat Jul 7, 2012, 07:16 PM

Liberal_Stalwart71 (13,853 posts)

6. The state had the most lax mortgage regulations and rules in place. Atlanta--once the #1 City to do

Business in--is now near bankrupt. The foreclosure crisis hit hard, especially in Decatur and other surrounding areas. When you go downtown now, it's a ghost town. Lots of businesses left the city, sadly.

It's a sad day for my hometown! Still, the state of Georgia continues to elect Republicans and the BLUE areas of the state suffer for it.

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