Banks in Georgia, North Carolina, Kansas Closed by Regulators

State regulators closed two them.

didn't reaLIZE THERE WERE state bank regulators and that they could close banks; this seems like a new wrinkle to me.

"Essentially all of Southern Community’s operations -- including branches, deposits and assets -- will be acquired by Blairsville, Ga.-based United Community Banks Inc. (NASDAQ: UCBI), the third-largest bank in the state, through a loss-sharing transaction, according to an announcement by the Federal Deposit Insurance Corp."

[link to www.bizjournals.com]

sounds like this John Lear person got the shaft
....
Comments
john lear June 19, 2009 7:29PM EST
fellow REGIONS shareholders, dowd ritter forced the amsouth/regions marriage and regions took on over $5billion in "goodwill"(debt),......amsouth share holders were forced to give up 6-7% of their shares in return for an 11% increase in the dividend..PERHAPS,IF AMSOUTH SHAREHOLDERS HAD GIVEN UP ALL THEIR SHARES THE DEAL WOULD HAVE BEEN A SUCCESS...!(facetious there)...my family had nealy 2 million in stock 18 months ago,which today is worth just over $200k......without even the 10cent dividend we can no longer pay the quarterly loan payment on a $390k loan ....now the bank, after their mismanagement, is squeezing us for for addl. collateral..THEY DIDN'T EVEN HAVE THE EMPATHY OR UNDERSTANDING TO APOLOGIZE FOR WHAT HAS HAPPENED. THEY WERE THE "RELATIONSHIP PEOPLE", REMEMBER?....my question is ,there must be others going through this nightmare....a class action lawsuit would get the bank's attn and force them to give us all at least 18 months until the dividend of 15 cents per share can be reinstated......whichever comes last..THE BANK THEMSELVES DON'T KNOW HOW LONG RECOVERY WILL TAKE,SO WHY SHOULD THEY PLACE RIGID TIME FRAMES ON US?..please note my email address if anyone is in the same boat and wants to get in touch with me at some point.....the bank received $3.5 billion in tarp funds and theY are asked by the feds to extend those monies . who better than to help than long time shareholders such as many of us....A CLASS ACTION LAWSUIT MAY BE OUR LAST RECOURSE.. [email protected]

This is kinda interesting. This Blogger says Georgia(the US state) is a hotbed of failed banks. Maybe it's a not a good idea to have any money in a bank in Georgia from what this blogger says.

"The state(Georgia) is home to just 4% of all U.S. banks, but (has)20% of the nation's bank failures since August. More banks have collapsed in Georgia than in any other U.S. state, even foreclosure-racked California and Florida. Six Georgia banks have been seized by regulators this year, burned by too much expansion in the past decade and bad real-estate bets.
Given the high level of delinquent loans haunting the remaining Georgia-based banks, more failures are expected. About 30 banks in the state are at risk of failing, according to bankers and lawmakers."
[link to www.banklawyersblog.com]

more bank talk....


"Dead Man Walking!"

"The weeping and wailing has already begun for the Office of Thrift Supervision. Fingered for liquidation (along with the federal thrift charter) by the Obama administration's "reform" plan that was announced yesterday, Reuters called it "The Saddest, Unloved Bank Regulator." Bank trade associations, on the other hand, rushed to its defense."

more here...
[link to www.banklawyersblog.com]

another interesting comment
...
Pravin Mahajan June 19, 2009 7:26PM EST
FDIC closed 3 banks today (19 June)

65 banks failed since 2008, 25 in 2008 and 40 in 2009 till now.

Friday means FDIC is in action on some bank.


Check the list of all the failed banks at :

[link to portalseven.com]

And on google map see where the banks are failing at
:
[link to portalseven.com]

and then there is this
....
" To handle a wave of expected failures in the Eastern U.S., the FDIC recently opened a temporary office in Jacksonville, Fla., with 500 employees."

oh well, interesting times we live in, huh?
:/