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From the December-23, 2009 issue of Credit Union Times Magazine • Subscribe!
FDIC: Georgia Banks Report More Losses
According to recent FDIC data, Georgia's banks continue to be hammered by losses.
As of Sept. 30, Georgia's banks lost $889 million, which was up from $783 million in the second quarter, according to the FDIC. More than 55% of banks in the Peach State had losses in the third quarter, an 8% decrease from that percentage in the second quarter. Twenty-six banks have shut down in Georgia since 2008.
Meanwhile, the state's credit unions are still outpacing banks in a number of areas. In a September report, the Georgia Credit Union Affiliates said credit unions continue to offer lower interest rates, lower fees and higher rates on savings compared to banks.
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