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Friday, October 30, 2009 - 1:46pm

Two Banks Get Cease and Desist Orders

Updated: 5 years ago.
Two Georgia banks enter into Cease and Desist agreements with regulators. (Photo courtesy PearlsofJannah)

The Federal Deposit Insurance Corp. has issued cease and desist orders for two Georgia banks.

They are First Cherokee State Bank of Woodstock and Atlantic Southern Bank of Macon.

A so-called "C&D" is the strongest regulatory measure the FDIC can take against a bank. It means each bank has entered into a formal agreement with regulators, and that regulators get to overhaul the institution or it faces seizure.

Georgia leads the nation in bank failures with 25 since August 2008.

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Contributors: 
Rickey Bevington

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