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Georgia Bank Closes in 10th Failure This Year

Read ArticleArticle Source: The Washington Post
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Integrity Bank of Alpharetta, Ga., on Friday became the 10th U.S. bank to fail this year, done in by the very business it was built on -- real estate lending.

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{"commentId":2661323,"authorDomain":"O-K"}
Regions Bank of Birmingham, Ala., will assume all of Integrity Bank's $974 million in insured and uninsured deposits in 23,000 accounts, and about $34.4 million of its $1.1 billion in assets.
{"commentId":2661323,"threadId":"344395","contentId":"1807357","authorDomain":"O-K"}
  • 1 vote
Reply#1 - Sat Aug 30, 2008 4:37 PM EDT
{"commentId":2661332,"authorDomain":"O-K"}

Failures just keep happening.

{"commentId":2661332,"threadId":"344395","contentId":"1807357","authorDomain":"O-K"}
  • 1 vote
Reply#2 - Sat Aug 30, 2008 4:38 PM EDT
{"commentId":2661909,"authorDomain":"MinnieApolis"}

Yep. Strange that Georgia should be the site of several collapsed banks. So Integrity was swallowed up by a larger bank -- doesn't that tend to pull Regions Banks's profits down by having to take on Integrity's negative balance -- thereby putting it in danger of failing also??

{"commentId":2661909,"threadId":"344395","contentId":"1807357","authorDomain":"MinnieApolis"}
  • 1 vote
Reply#3 - Sat Aug 30, 2008 5:41 PM EDT
{"commentId":2661979,"authorDomain":"O-K"}

Georgia does have a lot of these. Regions is HUGE so I doubt if this will impact them much.

{"commentId":2661979,"threadId":"344395","contentId":"1807357","authorDomain":"O-K"}
  • 1 vote
Reply#4 - Sat Aug 30, 2008 5:48 PM EDT
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