Fri., January 1, 2010 3:47pm (EST)

Five More Ga. Banks Added To Watch List
By John Sepulvado
Updated: 5 years ago

ATLANTA, Ga.  —  
A dismal 2009 for Georgia banks ends with another five going onto the FDIC's watch list.  (photo FDIC)
A dismal 2009 for Georgia banks ends with another five going onto the FDIC's watch list. (photo FDIC)
As 2009 ends, another five Georgia banks have been put on the Federal Deposit Insurance Corporation’s watch list for troubled institutions.

Some 25 banks in Georgia have been shut down by regulators since the beginning of the year, more than any other state in the country.

Meanwhile, a third of the state’s banks are under regulatory orders to straighten up their finances so they don’t go belly up.

Most of the failures came from banks investing heavily in real estate and development.

Many were also rural banks.

Those closures hurt the state’s agricultural sector, which were serviced by the institutions, according to industry analysts.

And one Georgia bank, RockBridge Commercial, was so bad off the FDIC couldn’t find another institution to take it over, despite government guarantees.

In 2008, only five Georgia banks failed.