Federal regulators shut down three Georgia banks yesterday.
The FDIC seized Tatnall Bank of Reidville, First Security National Bank in Norcross, and Buckhead Community bank in Atlanta.
This brings the national tally to 130 banks closed by the feds this year. Georgia can claim 24 of those closures, making it the state with the most failures.
Analysts say one reason for that is the state has a lot of small banks. People opened them with the intention to sell to bigger ones and these newer banks didn’t have the foundation to weather the real estate crisis.