Power Breakfast: Georgia bank failures, Christmas parties, mayor’s race, climate conference, NBC-Comcast
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.
Also in the AJC:
- Norwood to seek recount in Atlanta mayor’s race
- Company Christmas party making a comeback
- Apple in talks to buy online music retailer
- AirTran ‘hero’ wasn’t on plane, airline says
- Need ‘innovative new product’ to launch business
In other media:
UN climate conference opens in Copenhagen
Administration to slash bailout cost estimate
Jobless professionals vie for holiday sales work
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One comment Add your comment
Tom Barnhardt
December 7th, 2009
8:42 am
Isnt it funny that when you do bad business you get bad results. Thats what BUckhead community bank did and they deserve every bit of falling on their face. They make loans to developers who had 500 credit scores and bankrupties on their reports. They also put up deeds atht the developer didnt even own the property… SO dont feel bad for Charlie .. He deserves everything he got!!!!!!!