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Bank Closings Really Hit Home This Time
Three more Georgia community banks failed today, two of which were right here at home. Appalachian Community Bank of Ellijay will reopen on Saturday as branches of Community & Southern Bank, while Bank of Hiawassee, which also had branches known as Bank of Blue Ridge and Bank of Blairsville, will reopen as Citizens South Bank. In small communities it seems everyone knows everything, and that unfortunately held true today. It had been a rumor from the beginning of the week that this Friday was in fact Seizure Day here at home, and that rumor turned out to be true.
What impact will that have here in the North Georgia Mountains? Well, that is a question that only time will tell. To say the least it is a concern of mine. How will they handle bad loans, and folks who are struggling and in danger of losing th
eir homes, their family farms, and even their businesses? How will it affect the overall Real Estate Market? Will it even change at all? And what about the employees that have been working for many, many years with these banks, will they keep their jobs? These and many others are questions that we would all love to have the answers to, and I am sure we will in due time.
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[...] it would take almost 25 years to deplete our inventory. Wow! I have a funny feeling that these Bank Closures might cause this time frame to speed up just a little. What do you [...]