Alpharetta Georgia seems to be inundated with Bank failures these days! Breaking news within the last few hours shows that Alpha Bank & Trust has become the 16th bank failure this year in the US, and the third bank to fail in Alpharetta Georgia in just a little over 1 year. Last October Net Bank failed, August 29, 2008 we had Integrity Bankof Alpharetta, Georgia fail, and this evening within the last few hours and the Federal Deposit Insurance Corporation (FDIC) was named receiver of Alpha Bank. This is a very sobering event to see so many banks with issues. A lot of the times we focus on big Wall Street Banks in trouble but forget to think about the local and regional banks. None seem to be immune from trouble. This evening also marked National City Corp by PNC Financial Services Group Inc. What mos persons do not realize these are not mergers or acquisitions in the typical sense of the word, but rather many appear to be pre-arranged shotgun weddings with supervision and guidance from the OTS and FDIC working behind the scenes.
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This is really scary. How big is Alpharetta? I don't believe I've ever heard of it.
Barbara S. Duncan ABR, CRS, GRI, e-PRO Searcy AR (RE/MAX Advantage) Alpharetta is a town north of Atlanta in Fulton County - Population in July 2007: 42,312. It is a major power house for much of the growth in the Atlanta market until recently. Much of Georgia's highest paying jobs...in IT, Tel Com, Bio-Tech, and wealth came from this area until recently.
Alpharetta itself is not that big a municipality, but it is comprised largely of some of Atlanta's wealthiest if home values are the ruler by which affluence is made. It is about 20 miles north of Atlanta. I am just to the southeast in Duluth. I do some aerial photography from time to time and flying over Alpharetta one would think that there isn't a soul who lives there who is not making at least 200K/yr.
Put another way. I doubt there are a lot of Obama signs in front yards except for a few founf at homes of fiduciary masochists.
Jim Thank you for sharing. Those with deposits over 250K are not covered on this one.
Probably because of the fantastic rate of growth in the Alpharetta area and all the real estate related money made over the last 10 years the Alpharetta bankers got drunk thinking the party would work anywhere and risked a large percentage of their loan portfolio on development and building projects (normally very profitable) which are now bust.
Phil It will be interesting. There are others on hte list also. But I would love to ask...why Alpharetta 3 failures? What about Miami? Florida? Pheonix, Las Vegas...etc? Strange that in this area with 45K population 3 banks have failed in just about 1 year.