FDIC takes over bank #10 “Integrity”
Integrity Bank, based in Georgia, became the 10th bank this year to be taken in to receivership by the FDIC. A small bank, with about $1 billion in managed assets, Integrity is the latest victim of the mortgage market meltdown and credit crisis after a series of aggressive bets on loans in the Atlanta market.
From Reuters:
U.S. regulators on Friday took over Integrity Bank, which became the 10th bank to fail this year as the economy struggles under the weight of falling home prices and the credit crisis.
The Federal Deposit Insurance Corp said Georgia regulators closed the Alpharetta-based bank, which had $1.1 billion in total assets and $974 million in total deposits as of June 30.
…
FDIC spokesman Andrew Gray said Integrity Bank pursued aggressive loan growth in the metropolitan Atlanta real estate market, especially in the construction loan area.
Falling real estate prices combined with inadequate risk management and poor lending practices led to significant loan losses and erosion of the bank’s capital, Gray said.
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