A couple of weeks ago, I reported some statistics about our local economy which I had compiled for a presentation to Rotary. One of the stats that I found to be the most telling was the bank deposits market share report produced by the FDIC.
      In my column, I shared with you that bank deposits in Bulloch County had dropped from $1,285,685,000 in June 2008 to $1,047,782,000 in June 2011 - an 18.5-percent decline. A reader emailed and asked me why I thought that was the case which prompted me to do some research to find out if other counties in our area had seen the same decline in deposits that we have, i.e., has cash left their counties as well.
      Let's start with our big neighbor - Chatham County. Their deposits have declined approximately $182 million in the same time frame, roughly 3.9 percent overall. One could argue, perhaps, that their economic diversity, including the port has been an insulator for them.
      So, I looked at Clarke County/Athens, which also has a major university (UGA) as its economic anchor. Their deposits declined a mere .01 percent over the same time frame. How about Valdosta, home to Valdosta State University, the state's only other designated regional university?
      Their deposits decreased by $140 million or 7.5 percent overall. The only county in our area with significant deposits that saw a market decrease in comparison to ours was Bibb county whose deposits decreased by almost 20 percent.
      Interestingly, even with the decreases that I have mentioned, the banks holding the highest percentage of total deposits in Bulloch County as of June 30, 2011, have not changed since 2008 and are in order from first to third - Synovus, Famers and Merchants, and BB&T.
       The market share report for September 30, 2011 has not been issued yet by the FDIC, so the impact of First Southern's closure within the market place here is not known.
       So, back to the reader's original question - why? You have to think that the continued decline in real estate value and development, and the repercussions felt from that decline in this area, and up and down our coast, has resulted in an extended period of "hanging on" for many people personally, for business owners, and for investors, and that has taken a tremendous toll on the financial strength of those banking here.

      So, until next Tuesday, I bid you au revoir.
      Got a scoop for Jan? Call (912) 489-9463; email jmoore@statesboroherald.com