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FDIC Regulators shut down Central Bank of Georgia in Ellaville, Ga., marking the 10th bank...

FDIC Regulators shut down Central Bank of Georgia in Ellaville, Ga., marking the 10th bank failure of 2012. Ameris Bank of Moultrie, Ga., will assume all deposits of the failed bank, totaling over $266.6M. The FDIC also entered into a loss-share transaction with Ameris Bank on $192.8 million of Central Bank of Georgia's assets.
Comments (7)
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    Bad peanut harvest?
    24 Feb 2012, 07:38 PM Reply Like
  • Dr. V
    , contributor
    Comments (1179) | Send Message
     
    Nice one Geoff. :)

     

    They are just making a big deal out of the obvious.

     

    US Banks operate under fractional reserve banking. They couldn't cover down on a good day.

     

    Bank runs should have been the goal of the Occupy turds.

     

    So why all the shock and horror that some 2nd rate bank has to close due to insolvency, when the largest and most powerful banks in the world are insolvent as well?

     

    Where is the problem in understanding this?

     

    The entire system needs to crash to be overhauled.

     

    Does that shock you as well?

     

    Where are the people who studied finance?

     

    FDIC again goes shopping as they please, and another bank gets WaMu'ed.

     

    Effectively, they (FDIC) could choose Citi, BAC, JPM, WF, they are all just as insolvent as the next.
    25 Feb 2012, 04:15 AM Reply Like
  • tigersam
    , contributor
    Comments (1711) | Send Message
     
    Rate of failure is very low this year.
    25 Feb 2012, 06:37 AM Reply Like
  • mickmars
    , contributor
    Comments (1323) | Send Message
     
    These bank failures will continue on for years...just like foreclosures. The Feds are just dragging the process out to give the illusion of a "recovery".
    25 Feb 2012, 09:02 AM Reply Like
  • apwwest59
    , contributor
    Comments (55) | Send Message
     
    Salient comment as to foreclosures. The "slow bleed" mentality to dealing with problems isn't helping anyone. The CDO/CDS/MBS/Real estate problem came to a head in 07/08, but yet foreclosures are still increasing, because the market was not left alone to find a bottom. Instead anyone who owns US dollars gets to share the cost via the Fed's printing press.
    26 Feb 2012, 09:57 PM Reply Like
  • Ray Lopez
    , contributor
    Comments (1508) | Send Message
     
    For some reason Georgia got hit bad by the real estate crash--strange but true.
    26 Feb 2012, 11:10 PM Reply Like
  • Dr. V
    , contributor
    Comments (1179) | Send Message
     
    UK firms are buying the foreclosures at around $25-30K, and reselling upwards of $60K as we speak.

     

    Belgrave Group.com

     

    Never heard of it.
    27 Feb 2012, 10:34 AM Reply Like
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