5:29 am December 7, 2009, by Henry Unger
In case you missed it over the weekend, three more Georgia banks have failed. That brings the total number shut down since 2008 to 29, more than in any other state, AJC reporter Paul Donsky writes.
Buckhead Community Bank, founded by Atlanta business royalty to cater to a wealthy clientele, is one of the latest victims of the state’s banking crisis.
Launched in 1998 by Charlie Loudermilk, founder of rent-to-own giant Aaron’s Inc., Buckhead Community grew quickly during the real estate boom earlier this decade, Donsky reports. But, in a now-familiar story, it sustained huge losses once the housing market collapsed.
The other banks shut down Friday are First Security National Bank, of Norcross, and Tattnall Bank, of Reidsville in south Georgia, two of the state’s smaller lenders.
All three banks were acquired by new owners.
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