Georgia fourth behind Calif., Fla., in bank failure costs

Atlanta Business News writes that although Georgia has the highest number of bank closures in the nation, the state ranks fourth in how much these failures have cost the FDIC’s insurance fund.

The FDIC has been forced to pay out $3.9 billion in order to cover the costs of the state’s bank failures. The states that have cost more are California, Florida, and Texas, which have required fund to dwindle by $15.3 billion, $6.4 billion, and $4.4 billion, respectively.

While Georgia has seen a large number of banks shut down, most have been small lenders with relatively shallow pools of troubled loans that need to be covered by FDIC funds.

Read the full story here.