Georgian Bank Shut Down by Feds
September 25, 2009 by Stephen Kersey
Filed under Business
Georgian Bank, a bank based in the city of Atlanta, has been shut down by federal regulators. The closure marks the failed bank number 95 in 2009.
The FDIC took over the bank and is expected to lose about $900 million in doing so. Georgian Bank had about $2 billion in assets as of the final week of July.
The five branches of Georgian Bank will be taken over by First Citizens Bank and Trust Co. — a bank based in the state of South Carolina. All five branches will open on Monday under the new name.
Not only will the number of failed banks hit triple figures, many experts think it’s a matter of time before 200 or maybe even 300 banks fail. Many small banks around the nation are barely hanging on as the financial industry continues to struggle. The worry right now is whether or not the FDIC will find enough money to cover all the forthcoming bank failures.
FDIC (Image: Flickr)
