Georgia Bank Fails, 2012 Tally at 32

[alp227]

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

[bluedigger]

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

How do they have any left by now?

[Solly Mack]

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)

[OnlinePoker]

4. 5 this year, 23 last year

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

[bluedigger]

5. Thanks for the list.

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

[FBaggins]

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.

[mrmpa]

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.

[Liberal_Stalwart71]

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.