Despite all of the bank failures here, growth-minded financial institutions are betting on Atlanta, American Banker is reporting.
The Georgia capital, hard hit by overbuilding and now a double-digit unemployment rate, has been a tough market for financial institutions the past three years. But several banks are actively looking to expand in the city, viewing it as a market that will inevitably rebound from the tough times, American Banker writes.
JPMorgan Chase & Co. recently announced plans to open at least 35 branches in the area over the next two years.
Regions Financial Corp. is touting efforts to recruit bankers from competitors as it plans to move into a new regional headquarters building downtown, American Banker reports.
And many smaller banks are increasing their presence, too, by buying failed banks from the Federal Deposit Insurance Corp.
“Atlanta has fallen down and come back many times,” Ralph “Chip” MacDonald, a lawyer at the Jones Day firm in Atlanta, told