A large Savannah-area bank has come out from under heightened scrutiny by federal banking regulators. The Coastal Bank's emergence from a federal consent order highlights a broader recovery in the state's banking industry. The number of late loan payments in Georgia has gone down by half since last year.
Federal banking regulators are telling The Savannah Bank it needs to reduce its troubled assets. The Office of the Comptroller of the Currency has given the bank its lightest possible action, letting bank officials dictate their own terms for reducing delinquent loans and reposessions. The move speaks to how far Georgia banks have to recover from the Great Recession.
Atlanta-based SunTrust bank has bought nearly $11 million of government-owned stock warrants that were part of the federal TARP program. The bank repaid $5 billion in federal aid in March, which covered the government’s preferred stock holdings. Thursday’s buyback is for a portion of the common stock warrants held by the Treasury Department.
Wells Fargo will begin charging some Georgia customers $3 a month to use their debit cards. Georgia is one of four states where a pilot program will tack on the fee every month when a debit card is used. The pilot begins in October.