Regulators have closed Atlanta-based Georgian Bank, the six largest lender in the state, and the 24th to succumb in Georgia since August 2008.
Writes my AJC colleague Paul Donsky:
Georgian, founded in 2001, was one of the state’s most profitable banks during the housing boom earlier this decade. But the bank ran into big problems this year, losing $36.7 million loss in the second quarter alone.
This from the Atlanta Business Chronicle:
Georgian counts some of the city’s highest profile suburban developers amongst its clientele, and respected business leaders on its board.
Those directors– a who’s who among Atlanta business– included Charlie Watts, Taylor Smith, Robert C. Wynne and Mark W. Hennessy. Shareholders in the bank had their investments wiped out.
The Marietta Daily Journal notes some specific damage to Cobb County’s political elite:
Adams D. “De” Little of Marietta, owner of Greenstone Properties, and Fred Bentley Jr. of Vinings, a partner in the law firm of Bentley, Bentley & Bentley, are among the directors of Georgian Bancorporation.
Members of the board of directors of Georgian Bank include state Rep. Earl Ehrhart of Powder Springs and Murray Homan, chairman of Cobb County’s planning and zoning board.
Ehrhart, a Republican from Powder Springs, is chairman of the House Rules Committee and easily one of the most influential members of the Legislature.
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