Trio of Georgia Banks Join Failed List
Press release from the issuing company
Monday, September 20th, 2010
Three more small Georgia banks failed Friday, pushing the state’s nation-leading total to 44 failures over the past two years.
One of the three banks was led by a chief executive who was also the one-time chairman and interim CEO of a bank that failed last year. Another had U.S. Rep. Phil Gingrey, R-Marietta, as a founding investor and board member until earlier this year.
All three banks — two in metro Atlanta and one based in extreme North Georgia— succumbed to soured real estate loans in the worst recession in generations.
