Macon's Security Bank shuttered
Security Bank of Macon, the state's fourth largest lender, was shuttered today by federal authorities. The bank operated 20 branches in middle and north Georgia but bad real estate loans took it down.
The institution will be taken over by three bankers headed by Joe Evans, former CEO of Flag Financial. The failure is expected to cost the FDIC insurance fund some $804 million.
The former Security brances will reopen Monday as State Bank and Trust locations.
The former Security brances will reopen Monday as State Bank and Trust locations.
FDIC till now closed 1 bank in New York and 6 bank subsidiaries of Security Bank Corporation in Georgia.
Check all the failed banks at
http://portalseven.com/Failed-Banks-2009
So now in Georgia we have 16 bank failures this year and 21 since 2008.
Check details and map of all the failed banks in Georgia at
http://portalseven.com/finance/Failed_Banks_State_Wise.jsp?state=GA
And Waterford Village Bank becomes the FIRST bank from New York to be closed by FDIC.
http://portalseven.com/finance/Failed_Banks_State_Wise.jsp?state=NY
It has nothing to do with China, that Republicans and Democrats alike pushed through as a trade partner.
I suggest you watch for the documentary program "House of Cards" to see what really is killing the banks. It is the direct result of deregulation.
Read this:
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
Bashing Obama is fashionable in this area, but let's be honest. He had nothing to do with the bank failures and neither has China. It was mostly deregulation that caused this mess. Gramm originally came from Georgia.
What do you guys and gals think??