First Georgia Banking Company, Franklin, GA

First Georgia Banking Banking Company Franklin, GA was founded in 2003.  The Texas ratio is an astounding 276%.

This is one of the worst capitalized banks in the country.

The company has $780MM in assets and $504MM in loans with $17MM in equity.

Problem loans consist of $11M in loans past due 30-90 days, with $53MM of non accrual, while OREO was $35MM.

NI was ($15MM) in FY10 and ($23MM) in FY09.

The equity was significantly eroded as it declined from $65MM in FY08 down to $17MM in FY10.

This company is  technically insolvent.

If this is the First Georgia Bank, I would hate to see the last.

Is this your bank?

It is unclear why they are not on the problem bank list.

The executive compensation total  was$1MM in FY09 despite the company’s abysmal performance.

They have not posted current financial statements on the website since FY09.

In January 2011, the company had a stock offering in an effort to raise $45MM.  They raised only $750,000, representing 2% of the offering.  Not surprising given the financial condition.

Do you have money in this company,they are bankrupt.  The FDIC is also bankrupt.

Is this place scaring you yet?

Do you have money in this place?

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