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Some local banks continue to struggle

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Some local banks continue to struggle

Posted by
Staff Writer
in News Links
Wednesday, June 30. 2010
Comments (7)
The beleaguered banking industry continues to struggle in Georgia, but there may be signs of some stability.
In the Barrow-Jackson County area, three community banks landed on a recently published list of troubled Georgia banks with high “Texas ratios” above 100. But one local bank fell off that list from a year ago, a sign that perhaps stability may be taking hold in the industry.

First Commerce Bank, also known as First Covenant Bank, saw its Texas ratio fall from 110 in March 2009 to 95 in March of this year. While the bank had a loss of $590,000 in the first quarter, its troubled asset portfolio fell from $18.3 million in March 2009 to $15.1 million in March 2010.

But three other banks in the area were on a list of some 78 banks in the state with ratios above 100. Over 400 banks nationwide have troubled ratios.

First Georgia Banking Company had a ratio of 138 in the first quarter of 2010, up from 54 a year ago. While the bank saw growth in both assets and deposits, it lost $1 million in the first quarter and saw its troubled assets climb from $39.5 million in March 2009 to $64.6 million in March 2010. Although based in Northwest Georgia, the bank has branches in Jackson and Banks counties and other Northeast Georgia locations.

Hometown Community Bank of Braselton also continued to be on the state’s troubled bank list with a Texas ratio of 224 in March, up from 144 a year ago. While the bank’s assets and deposits both saw growth between March of 2009 and March 2010, its troubled assets grew from $14 million last year to $20 million in March 2010. Like many other banks in the area, it also had a loss in the first quarter of $397,000.

The Peoples Bank, headquartered in Winder and with branches in Barrow County, Athens and Braselton, also remained on the high Texas ratio list in March with a number of 232, up from 64 a year ago. While the bank has set aside nearly twice as much funds this year for loan losses than a year ago, it also saw its troubled assets climb to $55 million from $26.7 million in March 2009. The bank had a first quarter loss of $1.7 million, three times its loss in the first quarter of 2009.

Three area banks have failed since the recession began, the largest being Community Bank & Trust, which failed earlier this year. Last year, Freedom Bank based in Commerce and First Piedmont Bank based in Winder failed. All three banks were taken over by other institutions.

Other banks have left the market or curtailed operations in the area in the wake of the housing bust and others have heavy foreclosure properties they are dealing with. Newer banks, however, appear to have missed much of the downturn and remain strong based on March financial reports.
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#1 outside observer looking in on 07/03/10 at 05:42 PM [Reply]
Let me get this straight ...Ole George Bush let the BIG BOYS...."bankers" have a free hand with banking rules and regulations.... Georgia is a RED state...and also a leader in States with banking problems....yet Georgia struggling to have money for its government,,,due basically to a lack of jobs and inadaquate income for a solid tax base....it appears that the people have had to much ....FOX NEWS....so thus and therefore Georgia has found out that ......it cannot have its cake and eat it too...GO RED STATE....ALL OF THE RED STATES ARE MAKING BLUE STATES LOOK REAL GOOD.
#1.1 Are you kidding? on 07/03/10 at 10:48 PM [Reply]
What an idiot... The way that a state voted in an election two years ago has nothing to do with banks struggling today. I see France has a large amount of financial trouble too and I don't think that they voted for McCain... Why do so many morons STILL try to blame the President from over two years ago for troubles today? How about giving home loans to people who couldn't afford them because "that's fair", how about people buying more house, car, cell phones, boats, than they could afford. It isn't one person's or one party's fault. It took a whole bunch of people spending more than they had and racking up more debt than they could ever pay off to get us in this mess. Here's an idea, blame the people who signed the dotted line on all that debt; (ever heard of taking responsibility for YOUR actions?) before you blame the "big boys". We should work on our own faults more often than we point out other's faults.
#1.2 inside observer on 07/04/10 at 02:40 PM [Reply]
Blue States looking good? Been to California lately? If that is what looks good to you, you need to get on your way, PLEASE!
#2 BC Voter on 07/04/10 at 12:01 PM [Reply]
Bush !! Bush !! When are you liberial progressives going to realize that Bush has been out of office for a year and a half !! And we still aint any better !! Oh I see, we can borrow our way out of debt like Obama is trying to do !! WRONG !! It dont work already been proven. I tell you why things arent getting any better, I own a small company, I also have a lot of friends who also own small companies, and the problem is that the owners are scared to expand until Obama is out of office because he is so unpredictable !! Why expand when he will tax you for it !! So we are staying small for the rest of this term, not borrowing any money, cause we dont trust him, and hope he goes out of office, if not we stay small for another four years !!
#2.1 In Deep Fear on 07/06/10 at 08:38 PM [Reply]
I disagree BC Voter. If Obama is not put out of office in 2012 and we do not put the balance of power from the Democrats in November, I tend to belive we as a nation are doomed. Obama and the Democrats are going to destroy us if they have not done so already. Liberals, beware you get what you vote for!!!!
#2.1.1 outside observer looking in on 07/07/10 at 06:19 PM [Reply]
Hey Red State Man
You act like ole George Bush never existed....did you notice we had 2 recessions during his 8 years in office,,,,oh yes start a war the american tax payer will sign the check....you red state people are really full of your self-rightious pride...wonder why Banks County Ga. is struggling so now???
#2.1.1.1 outsider observer needs to wear glasses on 07/10/10 at 11:23 AM [Reply]
You should keep your opinions to information you know. I am not a bush supporter nor a muslim massiah's. I am a libertarian, I want government cut to 25% of their level of power and income! I do not support the war nor have I ever. I despised Bush for his $4.00 + gallon gasoline, but equally despise Obama's 13 TRILLION debt! Red/Blue/PURPLE state, I don't care, the U.S. has a problem and it's morons in Washington!
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