It has been almost two years since an article in the Wall Street Journal dubbed the state of Georgia the "Chernobyl of Banking". Since January 1, 2009, 322 banks have failed nationwide, 50 in the state of Georgia alone - about one-sixth of the US total. This past year has proven to be a particularly difficult one for many of the banks throughout the state with most reporting net income losses for 2010.
Bulloch banks battling tough economy
Residual effects of economic downturn still hurting bottom lines