Ninth Georgia bank collapses [FDIC Friday] [cost to FDIC is $290 Million] [SunTrust taking over]

The Atlanta Journal-Constitution ^ | 2009-03-28

[rabscuttle385]

Omni National Bank shut down Friday by federal regulators. FDIC expects failure will cost $290 million, more than any other nationwide.

BY PAUL DONSKY

Omni National Bank in Atlanta, reeling from bad real estate bets, was shut down by federal regulators Friday, becoming the ninth Georgia bank to fail in the past year.

Omni, one of the state’s largest community banks with $956 million in assets, posted a $14.5 million loss last year. Moreover, the bank was saddled with $114 million in nonperforming loans at the end of the fourth quarter.

Omni’s regulator, the Office of the Comptroller of the Currency, said in a news release the bank had experienced substantial losses because of “unsafe and unsound practices” that depleted most of its capital.

[April Lexington]

What in the heck is wrong with the Georgia State Banking Commissioner? I'd be starting an investigation about now...

[Trailerpark Badass]

Like GA, hate Atlanta. Passed through it during something called Freaknick or the like years ago. Sick.

LOL, we hated Freaknik too.

[Jimmy Valentine]

"William Tecumseh Sherman Piss be upon him"

The father of modern day urban renewal. ;^)