Friday Failures

The grand total this week is seven. After a brief stop in New York, the Grim Reaper went back to its favorite state — Georgia — and took out six more banks. Actually it took out a family of banks in Georgia. Everyone seems to be counting each bank as a failure so we won’t rock the boat.

Here are the links:

Waterford Village Bank, Williamsville, New York

Security Bank of Jones County, Gray, Georgia

Security Bank of Houston County, Perry, Georgia

Security Bank of Bibb County, Macon, Georgia

Security Bank of North Metro, Woodstock, Georgia

Security Bank of North Fulton, Alpharetta, Georgia

Security Bank of Gwinnett County, Suwanee, Georgia

All of the Georgia Banks were owned by Security Bank Corporation, Macon, Georgia. I think this puts Georgia far ahead in the state race for the most seized banks. Once we whittle down the number of banks in Georgia maybe we should consider a ban of say fifty years or so on any new charters for that state. What do you think?

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