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Monday, January 11, 2010

Georgia could be 'ground zero' for failed bank litigation

Yes, most eyes are on the Gold Dome this morning. And rightly so. It's going to be a wondrous 40 days filled with conflicts, powerplays and resolutions that could help support the blueberry, Georgia's most overlooked crop. You don't want to miss one second of the action!

But take a moment when you get a chance and read this story by the Atlanta Business Chronicle's J. Scott Trubey about possible legal action that the federal government and shareholders could pursue against failed banks in Georgia.

The nation’s bank failures could soon lead to a wave of legal action against some officers and directors of some failed lenders. And Georgia, with its nation-leading tally of seized banks, could be ground zero.

We're no. 1! Trubey focuses on Georgian Bank, a metro Atlanta lender which federal regulators closed in September of last year. Its losses totaled $892 million, making it the third-largest lender in the state to crumble during the economic meltdown.

The details are too complex to summarize here, so it's worth reading Trubey's entire piece if you're interested in the next shoe to possibly drop when it comes to bank failures — and just why the Peach State boasts so many of these unfortunate institutions.

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