BANKRUPT BANKER
First Georgia Community Bank in Jackson Georgia was the fourth Georgia bank failure in 2008
Sunday, 7 December 2008
First Georgia Community Bank in Jackson Georgia was the fourth Georgia bank failure in 2008, and the 5th in just a little over a year when Net Bank in Alpharetta Georgia failed. First Georgia Community Bank in Jackson Georgia was seized by the FDIC Friday December 5, 2008 and became the 23 bank failure of 2008. United Bank of Zebulon GA will take over the failed First Georgia Community Bank. The estimated cost to the FDIC (US Taxpayers) is $72.2 million. First Georgia 4 branches were slated to open for business as usual as "United Bank!" In 2007 there were only 3 banks in the USA that failed. As of September 30, 2008 the FDIC had 171 banks on its troubled watch lists. FDIC now insures individual FDIC insured accounts to $250000 (Temporarily until next December 2009).It is interesting to see that almost 20% of the nation's bank failures are located in Georgia. In spite of what we read in the news that California, Las Vegas, and Florida lead the nation with depressed real estate and loans, that Georgia is so high on the list for bank seizures. Personally I believe in Georgia there was more of an issue with 100% credit plus that has lead us to this point. "No money down" ruled. The EZ access to basically free money made this a speculators dream, and a mortgage fraudsters delight! We are now paying a heavy toll in Georgia with incredible amounts of foreclosures and ensuing depressed property values.
