From the AJC today.

Under the State Legislature, Georgia added new banks faster than any other state, right up to the Great Recession. The recession and futile investments in mercurial derivatives bankrupted more banks in Georgia than any other state. Georgia would have been far worse off if Wachovia had failed. Wachovia after the merger with Wells Fargo has 6,700 emploees, 651 ATMs, and 279 branches.

Huge national banks aren’t the focus today. A small bank in Duluth is the last bank chartered in Georgia. It opened its doors in 2008 and not an investor since then has been able to meet regulations and raise enough capital to open another bank vault.

Since we know the last bank vault opened, it raises the question, which bank will be the last one standing?

Perhaps it will be a highly specialized community bank designed to serve a small ethnic population like Asians in Duluth.

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