Georgia credit unions were preparing for increases in deposits and new members following the failure of a Macon banking chain, the 16th shutdown in Georgia this year.
The latest Georgia failure on July 24 included a six-bank chain of community banks, led by the $2.8 billion Security Bank Corp. It was placed into receivership by the FDIC and sold to a Pinehurst bank consortium.
Commenting on what The Atlanta Journal Constitution termed a "banking crisis," the president/CEO of Georgia Credit Union Affiliates, Michael Mercer, called that characterization off-base. He pointed out that large Georgia banks remain solid and well-capitalized CUs are in fine shape.
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