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Mercer: 16th Failure in Georgia Likely to Draw CU Business

Another weekend failure of a $2.8 billion Georgia bank chain could bring more "deposit inflows" into credit unions in the state, the president/CEO of Georgia Credit Union Affiliates said today.

By Jim Rubenstein | Updated on July 26, 2009

Another weekend failure of a $2.8 billion Georgia bank chain could bring more “deposit inflows” into credit unions in the state, but so far the public seems to be taking bank failures in relative stride, the president/CEO of Georgia Credit Union Affiliates said today.

“There’s no panic and this is not like IndyMac with long lines of customers,” observed Michael Mercer, the head of GCUA, in commenting on Friday’s collapse of the Macon-based Security Bank Corp., placed into receivership by the FDIC and sold to a Pinehurst bank consortium. Mercer was referring to the July 2008 collapse of a billion-dollar California thrift.

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