The financial difficulties at Winder’s 84-year-old hometown bank reflects much broader problems throughout Georgia’s banking system.
And as community banks fall like dominoes, mainly around metro Atlanta and its suburbs, it is a situation that bodes poorly for the state’s economic recovery.
On March 19, the Federal Deposit Insurance Corp. closed seven banks nationwide. Three were based in Georgia. Two more Georgia banks have since closed.
That brings to 37 the number of Georgia banks that have been closed by federal regulators in the past year and a half.
First American Bank & Trust now operates what was the locally owned First Piedmont Bank, based in Winder. Photo by Jessica Brown
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