Saturday, March 21, 2009

Stockbridge bank is state’s 8th to fail

FirstCity Bank in Stockbridge was closed Friday by state regulators, becoming the eighth Georgia bank to fail in the past seven months.

The small bank, founded in 1905, collapsed amid a rising tide of bad loans tied to the battered real estate market. Last year, FirstCity lost $8.3 million and reported $24.5 million in non-performing loans, a four-fold increase from the year before.

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