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Bill would authorize investigate of bank failures

Georgia leads the nation in bank failures since 2008 with 63 total since 2008 and 13 already occurring this year. The House of Representatives wants to know more about the FDIC’s role in bank failures. First National Bank of Barnesville and its Zebulon branch were shuttered last November with United Bank purchasing the failed bank’s deposits and assets. The agreement rendered FNB stock worthless but prevented the immediate shuttering of all FNB facilities. ’In Georgia, we’ve had an extremely high rate of bank failures,’ said congressman Lynn Westmoreland. ‘Unfortunately, many of these bank failures are our small, local banks ‘“ the backbone of communities’ economic growth.’ A bill to instruct the Federal Deposit Insurance Corporation to conduct a comprehensive study on the impact of some FDIC practices and procedures on troubled or failing institutions in the 10 states with more than 10 failures since 2008 was introduced in the House recently.

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