Fed Now Overseeing Community Bank of West Georgia
Posted by douglasnews07 on September 23, 2008
From the Atlanta Business Chronicle:
Community Bank of West Georgia under Fed’s watch
Atlanta Business Chronicle
Community Bank of West Georgia has become the third Georgia bank in September to be put under strict oversight of the Fed.
The Federal Reserve Bank of Atlanta reported on Tuesday a written agreement with Villa Rica, Ga.-based Community Bank of West Georgia. The order includes oversight of the bank’s reviews of staff and management, lending practices and credit administration, credit risk management, asset improvement, dividends, allowances for loan and lease losses, earnings plan and budget.
Within 30 days at the end of each calendar quarter, the bank has to give the Fed written progress reports.
Earlier this month, the Fed issued similar orders to First Georgia Community Corp. and its First Georgia Community Bank unit and to Newnan Coweta Bancshares Inc. and its Neighborhood Community Bank subsidiary.
