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:

In other media:

UN climate conference opens in Copenhagen

Administration to slash bailout cost estimate

Jobless professionals vie for holiday sales work

NBC-Comcast deal puts broadcast TV in doubt

Stores face new hurdle in pitching credit cards

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!!!!!!!