Note: You can find a complete list of bank failures at the FDIC's website here. Notice that roughly 20% of the bank failures in 2008 and 2009 have been in Georgia, or as Camden Fine says to the WSJ, "Georgia is basically the Chernobyl of banking right now; it's radioactive down there". And according to the Wall Street Journal, the failures in Georgia have only just begun:
During a recent meeting with Georgia bankers, Federal Deposit Insurance Corp. Chairman Sheila Bair asked Christopher Maddox, head of Peoples Bank in Winder, Ga., why Georgia had so many banks. "Ma'am, may I respectfully submit that the FDIC approved every one of the applications," he recalls replying.Rebecca Wilder
Georgia's predicament also is the result of a rapid expansion of the banking industry. Many of the new banks were small, and as they jostled for slivers of the market, they often made risky loans in speculative markets such as commercial real estate.
That was exacerbated by Atlanta's housing expansion and a decentralized government structure of 159 counties, where tradition holds that "every county has its own bank," said Christopher Marinac, managing principal at FIG Partners, a bank-research firm in Atlanta.