Thu., September 16, 2010 2:29pm (EDT)

Deal: Non-Disclosure Was "Oversight"
By Associated Press
Updated: 4 years ago

ATLANTA  —  
A review of records by The Associated Press has found that Republican Nathan Deal did not disclose two active loans on which he and his business partner owe a combined $2.85 million.

The loans from two banks were made to Deal and Kenneth Cronan in 2009. They do not appear on the financial disclosure Deal filed with the state Ethics Commission when he announced he was running for governor.

Deal on Thursday called it an "oversight" and said he planned to amend his financial disclosure with the state. He said the debts were business loans for his Gainesville Auto Salvage business.

"We are both guarantors on that loan. It's a corporate loan, and it's guaranteed by those of us who are the corporate stockholders."

Real estate records list only Deal and Cronan as the guarantors.

One $350,000 loan is from Verity Bank in Winder, Ga. The other is a $2.5 million from Branch Banking and Trust Co. in Gainesville, Ga.

Yesterday, Deal revealed he won't file for bankruptcy in the wake of news he's coping with a personal loan debt of more than $2 million from an investment in his daughter and son-in-law's failed sporting goods store.

Deal made the new comments on his personal finances following a Thursday forum on education issues with Democratic candidate for governor Roy Barnes.

Barnes was asked whether Deal's personal financial issues could affect his job if elected governor:

"That's an ultimate decision to be made by the voter. But we need somebody that makes sure that they can give the full attention to the state because of this very critical time we're in."

Barnes and Deal earlier Thursday spoke to trustees of the board of the Professional Association of Georgia Educators.


Contributors: Edgar Treiguts