The condition of Georgia banks, which have led the nation in failures during this financial crisis, is improving, AJC reporter Scott Trubey writes.
Georgia banks significantly cut their losses in the first three months of 2011, compared to same the period a year earlier, Trubey writes.
The state’s banks lost a collective $83.2 million, down from $347.3 million in first quarter 2010, according to a federal report.
It was the best cumulative performance for the state’s banks since third quarter 2008, the last quarter in the black, according to Federal Deposit Insurance Corp. data.
Still, Georgia’s banks remain stressed, and they continue to lag the recovery seen in other states, Trubey reports.
Sixty-two percent of Georgia’s banks posted a profit in first quarter, compared to 87 percent nationally.
Twelve Georgia banks have failed this year, and the state leads the nation with 63 failures since mid-2008, Trubey reports.
Also in the AJC:
In other media:
- Henry Unger, The Biz Beat
For instant updates, follow me on Twitter.