In what has become all too familiar, another couple of Georgia Banks failed today.
First National Bank of Georgia in Carrollton and Community Bank and Trust in Cornelia, had large real-estate related losses.
First National lost $53.6 million through the first three quarters of the year and had another $127 million in delinquent loans on its books, most of which it had given up hope of collecting. The bank’s equity tumbled over the past year from $93 million to just $14 million as losses mounted.
Community Bank & Trust lost $64.5 million through the first three quarters of 2009 and had $211 million in troubled loans on its books through September, FDIC records show. Its failure will cost the FDIC’s insurance fund $354.5 million.
It looks like the Chernobyl of banking isn’t getting any less radioactive.