January 13, 2009

2008 ranked as one of the worst years for Georgia banking since the Great Depression.2009 may become the worst ever.Bankers, industry experts and insiders are already projecting the new year will be a watershed for banks throughout metro Atlanta and Georgia, potentially setting a new record for the number of banks seized within the state in a calendar year.

There have been five failures in the last five months, a rate not seen in decades.An informal survey of bankers, attorneys and analysts shows they generally expect that this year no less than 15 banks will fail in Georgia.