Georgia hit by two more bank failures

bank

Georgia continues to be beset by bank failures as regulators last Friday shut down two more institutions in the Peach State, bringing to 14 the number of banks in Georgia that have failed since the beginning of last year, more than in any other state.

By comparison, there have been no bank failures in South Carolina during the same period and just two in North Carolina, both in Wilmington.

In all, five banks nationwide were closed last Friday, bringing to 45 the number of failures this year of federally insured banks.

In Georgia, Community Bank of West Georgia, based in Villa Rica, and Neighborhood Community Bank, located in Newnan, were seized by the Federal Deposit Insurance Corp.

Most of the Georgia failures have involved banks in the Atlanta area, where the collapse of the real estate market brought economic dislocation, according to The Associated Press.

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