RIP: Georgia Banks
Down south, we like the expression ?droppin? like flies.? And that seems to be the best way to describe what's happening to Georgia banks. On Friday, two more, burdened with bad real estate debt, were seized by federal and state regulators. These casualties—McIntosh Commercial Bank of Carrollton and Unity National Bank of Cartersville—bring Georgia's total to 37 since August 2008, more than in any other state. On McIntosh?s web site, the official FDIC statement blocks an image of the bank?s pretty, Georgian-style headquarters—a sad symbol of the times.