Do you live in Georgia? 100 Banks going down

Screws tight
 on Georgia banks

By Russell Grantham
The Atlanta Journal-Constitution

Federal and state regulators have put as many as one-third of Georgia’s 300 banks under intensified monitoring and recovery plans, mostly strict enforcement orders a step or two short of seizure, according to banking experts.


Thomas Oliver
A majority of these 90 to 100 banks, these experts say, are operating under “cease and desist” orders that require them to complete tough turnaround plans within strict deadlines.

While regulators can be flexible on deadlines or other requirements if banks fall short, many banks that have previously been put under such sanctions have failed.

Such actions are aimed at restoring a bank to health by boosting capital and improving operations, much as a doctor might order his patient to quit smoking and lose weight, said Patrick Frawley, a former regulator with the federal Office of the Comptroller of the Currency who now works as a consultant helping banks comply with such orders.
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