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:
2009 Coverage - The Georgia Banking Crisis Continues:
2008 Coverage - The Georgia Banking Crisis Develops:
2007 Coverage - Prelude to the Georgia Banking Crisis:
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 The page was maintained through June 2010, but much of it is no longer being updated.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.
FEDERAL DEPOSIT INSURANCE CORPORATION
Experience in Georgia, Florida, North Carolina, South Carolina, Tennessee, and Alabama includes projects in 60 counties of Georgia alone
The Georgia Banking Crisis Directory
Coverage of Failed Georgia Banks and Their Property