KEY ARTICLES - through June 2010 - links will open in same window and require back arrow to return to this page

2010 Coverage - The Georgia Banking Crisis Prolonged:

Atlanta Business Chronicle - 6/22 Atlanta Worst in Nation for Defaulted CMBS

Mortgage Bankers Association - 6/16 CMBS Delinquency at All Time High MBA CMBS Report

Housing Wire - 6/11 CMBS Delinquency Reaches 7.97%

A B C - 6/10 Atlanta May 2010 Foreclosures Up 31% Over May 2009

Birmingham Business Journal - 6/4 Atlanta Fed CEO Sees Stabilization and More Failures Ahead

A B C - 6/3 Corelogic Reports Atlanta April 2010 Foreclosures up Over 2009

W S J - 6/2 CMBS 'Worst is Yet to Come' Says Chin of Guardian Life

A B C - 6/2 Bartow Bancshares Under Written Agreement

A B C - 5/24 Weiss Ratings: Banks Vulnerable Despite TARP

A B C - 5/20 FDIC Reports First Qtr More Profitable for Georgia Banks

M B A - 5/19 1Q2010 National Delinquency Survey Results Not Promising

A B C - 5/19 Darby Bank of Valdosta Under Oversight

A B C - 5/14 Eighth to Fail in 2010 is Small Satilla Community Bank

A B C - 5/13 Cherokee Banking Co. Under Written Agreement

A B C - 4/27 SunTrust Suggests Worst is Past

A B C - 4/15 Post Mortem of Georgian Bank

A B C - 4/15 GA 1st Qtr 2010 Foreclosures up 40% over 1st Qtr 2009

A B C - 4/6 Fed Places Atlantic Southern of Macon Under Oversight

A B C - 3/26 Consent Orders for Four More Georgia Banks

NewsTalk 750 WSB - 3/26 Two Georgia Banks Closed

A B C - 3/25 Negative Equity Housing Projected to Remain so Through 2016

A B C - 3/22 Details of Three Banks in Georgia Closed

Wall Street Journal - 3/20 FDIC Closes Seven More Banks - Three in Georgia

A B C - 3/19 Five More Georgia Banks Rumored for Sale by FDIC

S N L - 3/19 74 Institutions Miss TARP Dividend Repayment

Atlanta Journal Constitution - 3/15 Metro Atlanta Foreclosure Notices Hit Record High

A B C - 3/15 Tivoli's Mezzo Luxury Apartments to be Foreclosed? - 4/6 Update

A J C - 3/14 Commercial Loan Losses on Increase in Atlanta

M B A - 3/11 4Q2009 National Delinquency Rates Continue Upward - Report

W S J - 3/9 Foreclosures Likely High Through 2012

National Real Estate Investor - 3/9 CMBS Loan Losses Deepen

A B C - 3/5 Campanile Tower Value Down 59%

A B C - 2/26 Eight More GA Banks Under Consent Orders

A B C - 2/24 28% of Georgia and 31% of Atlanta Mortgages Upside Down

A B C - 2/23 Loss of $3.2 Billion in 2009 by Georgia Banks

New York Times - 2/23 FDIC's Problem List Highest Since 1993 at 702 Lenders

A B C - 2/19 Nevada, Florida and Georgia Lead with Past Due Mortgages

Costar Group - 2/17FDIC Material Loss Reports Suggest ADC Issues for Three GA Banks

A B C - 2/12 Bulk Lot Foreclosures Continue

A B C - 2/12 2 out of 3 Georgia Banks Post Loss in 4Q09

W S J - 2/12 Legislature Gives Banks More Rope

A B C - 2/12 Atlanta Trump Towers Faces Foreclosure Foreclosed 3/2/2010 - ABC

The Street.Com - 2/11 Undercapitalized Banks Rising - Georgia List Florida List

A B C - 2/11 Georgia Foreclosures Continue Unabated

N R E I - 2/10 Poster Child for Office Market Woes is Atlanta

A J C - 2/5/2010 64 Banks in Georgia with 4Q09 Texas Ratios Above 100

Housing Wire - 2/10 CMBS Delinquencies and Special Servicing at All Time Highs

A B C - 2/4 Atlanta's Mandarin Oriental Site Foreclosed

A B C - 2/2 Mansion on Peachtree Project Sold at Auction

Times Georgian - 1/30 Carroll County First National Bank of Georgia Closed

Gainesville Times - 1/30 FDIC Closes Cornelia Community Bank & Trust

Chattanooga Times Free Press - 1/10 Georgia Banking Crisis Spreads to Rural Banks

A B C - 1/8 Litigation Wave May Hit Georgia Banks

2009 Coverage - The Georgia Banking Crisis Continues:

A B C - 12/28/09 Five More Georgia Banks Censured by Consent Orders

South Florida Business Journal - 12/25/2009 BankUnited of Florida Post-Mortem

The New York Times - 12/18/09 Seven Banks Closed Bringing to 140 Those in 2009

A J C - 12/18/09 Record-setting Startup Bank Rockbridge Fails

A B C - 12/14/09 Charter Financial to Reorganize to Buy Banks

A B C - 12/9/09TARP Program Extended to October 2010

A B C - 12/9/09 Overview of American Southern Bank's Failure

N R E I - 12/8/09 24 of Nation's 130 Failed Banks are in Georgia

A B C - 12/4/09 State Bank Acquires Two Atlanta-Based Banks

A B C - 12/4/09 Three More Georgia Banks Fail

A J C - 11/29/09 Current GA Bank Failures Compared with S & L's

A B C - 11/27/09 Big 3 Banks in GA Not Likely to Acquire Others

A B C - 11/27/09 United Bank Grows Despite Failures of Others

A B C - 11/24/09 Unprofitable Banks in GA Rises to 61.2% in Q3 2008

M B A - 11/19/09 3Q2009 National Delinquency Survey Results

W S J - 11/17/09 What is FDIC as Large Land Owner Like?

A B C - 11/13/09 Georgia Bank Consolidation Only Halfway?

AJC - 11/2/09 Andrew Young Comments on Failed GA Banks

South Florida B J - 11/2/09 Florida Banks Undercapitalized

A B C - 10/30/09 Small Banks Expected to Report Increased Losses

A B C - 10/23/09 FDIC reports June 30 Deposit Data

A B C - 10/23/09 American United is 20th GA Bank to Fail in 2009

A B C - 10/16/09 Poor 3rd Qtr Results for Georgia Banks Expected

N R E I - 10/15/09 FDIC Frets over CRE Loan Losses

W S J - 9/25/09 Georgian Bank - 2nd Biggest in Atlanta Fails

A B C - 9/25/09 First Citizen of South Carolina Acquires Georgian

A J C - 9/8/09 Cash for Synovus and United Community Bank?

A B C - 8/14/09 Failed Colonial Bank Acquired by BB&T

A B C - 7/24/09 4th Largest Bank Holding Company in GA Closed

A B C - 7/17/09 First Piedmont Bank Fails - Georgia's 15th

A B C - 6/26/09 Two Georgia Banks with High Texas Ratios Fail

A B C - 6/2/2009 GA Bank Employment Down 4,500 in One Year to 1999 Levels

A B C - 5/22/09 FDIC Suits Against Failed GA Banks Likely

A B C - 4/24/09 Banks Work to Avoid Commercial Foreclosures

The Street.com - 3/31/09 30 Georgia Banks in Weakened Condition

The N Y T - 3/28/09 Georgia County Loses 100 Yr Old Bank - Its Only One!

A B C - 3/23/09 FDIC Lack of Funds Delays GA Bank Closings

A B C - 2/27/09 Atlanta Banks Cutting Costs to Avoid Failure

A B C - 1/13/09 GA Bank Crisis Heading for Historic Levels

A B C - 1/16/09 Bank Fails to Receive FDIC Approval - 1st in Years

A B C - 1/12/09 2009 Possibly Worst Year Ever for Georgia Banks

W S J - 1/2/09 Alpharetta, Georgia - Bank Failure Central

2008 Coverage - The Georgia Banking Crisis Develops:

A B C - 12/12/08 New FDIC Rules Effectively Ban New GA Banks

A B C - 11/25/08 FDIC Reports 41% of Georgia's Banks Unprofitable in Q3

A B C - 11/21/08 Fourth GA Bank Failure in Two Years

A B C - 11/7/08Corus Financed Horizon at Wildwood to be Foreclosed

A B C - 10/17/08 FDIC Data Quickly Out of Date for GA Banks

A B C - 10/3/08 Lookback at Last GA Banking Crisis - RTC

A B C - 9/26/08 Bank of North Georgia Approach to Crisis

A B C - 8/29/08 Regions Acquires Failed Alpharetta Integrity Bank

A B C - 8/22/08 Despite Failures, GA Leads in New Banks

A B C - 7/25/08 Banks Work to Calm Depositor Worries

A B C - 6/20/08 Banks Slow to Sell Bad Housing Loans

A B C - 5/9/08 Fifth Third Opens Atlanta Banking After Delays

A B C - 4/11/08 Georgia Bank Markets Looks Weak

2007 Coverage - Prelude to the Georgia Banking Crisis:

A B C - 9/28/07 Failure of NetBank is Georgia's Largest

A B C - 6/15/07 BB&T Aims to Double Atlanta Market Share

A B C - 1/5/07 21 New GA Banks in 2006 - Tie With California

Background

Systemic Banking Crises What Triggers a Systemic Banking Crisis? David O. Beim - 2001

Database of Systemic Banking Crises International Monetary Fund Systemic Banking Crises Database Report

MAPS

Interactive Lender Failure Map - WSJ

CoStar Real-time Market Place

Interactive Bank Closure Map - The Street

NEWS

CoStar Group

Wall Street Journal Commercial Real Estate

National Real Estate Investor Online

This page was initially prepared for those with an interest in failed banks and lenders based in Atlanta and the rest of Georgia. The links below were provided to offer insight into several of the issues as the crisis developed. The page was maintained through June 2010, but much of it is no longer being updated. Historic text is italicized.

Georgia holds the dubious honor of having had more banks fail since 2007 than any other state in the country. Failures to date have been primarily because of the collapse in the Atlanta single-family detached home market, which was on the leading edge of the recession. Largest to-date to fail has been Silverton Bank, NA of Atlanta closed May 1, 2009. Unfortunately, after two years of failures/acquisitions, we do not believe the number of failed banks in Georgia has reached its peak, because of the weakness in the commercial sector of the Atlanta real estate market and sizable pending adjustable rate mortgage resets.

Five banks were closed in Georgia in 2008, 25 in 2009 and ten so far in 2010. The most recent date of FDIC closure in Georgia was July, 23, 2010, with closure of Crescent Bank & Trust of Jasper, Georgia. Its assets were acquired by Renasant Bank of Tupelo, Mississippi. First National Bank of Savannah, Georgia was closed June 25, 2010. Its assets were acquired by The Savannah Bank, N.A. On May 14, 2010, Satilla Community Bank of St. Marys, GA was closed. Two banks were closed March 26, 2010, and an additional three were closed the previous Friday, March 19, 2010.

Fairly comprehensive national coverage of failed banks by state, by size, and FDIC loss coverage may be found at Portal Seven and Bank Reg Data.

Deep Water Planning works to provide information that brings sellers of distressed assets in Georgia and the southeast together with buyers of troubled properties so the crisis is not prolonged or worsened for the rest of us.

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