Georgia Is Still Getting Crushed With Bank Failures

US bank closures since 08

In the state of Georgia these days, banks seem to be falling into default like peaches fall from the trees.

According to a report recently released by SNL Financial, regulators have now closed 61 banks in 2011, and a staggering 17 of them were based in Georgia.

The largest bank to fall into a loss-share agreement with the FDIC is the Valdosta-based Park Avenue Bank whose assets of $953.3 million are now in major trouble as almost a quarter of its real estate loans are now basically useless paper.

And Park Avenue is, frighteningly enough, just a symbol of what has occurred in the region at large with Georgia, Florida and South Carolina accounting for an incongruously large share of the total bank defaults nationally since 2008.

A map provided by SNL (and displayed above), demonstrates the sheer totality of the Southeast’s dominance in bank failures over the past three-plus years.
So, if you’ve got money in a bank anywhere in America’s Southeast, you might want to check in on your accounts.

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