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Updated: 9:15 PM Dec 29, 2009
Farmers & Merchants Bank of Lakeland, Georgia Under Watch
A South Georgia bank is one of several dozen in the state that's under increased watch by federal regulators.
Posted: 6:32 PM Dec 29, 2009Reporter: Gabrielle Sarann Email Address: gabrielle.sarann@wctv.tv |
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14 Comments
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Farmers and Merchants Bank of Lakeland, Georgia is under pressure by the F-D-I-C to improve its operations and lending practices.
Federal auditors say the bank has more than $36 million in troubled loans.
Farmers and Merchants Bank says it will continue to work hard to reduce its real estate loans, and is considering selling its Conyers branch in northern Georgia.
*This Farmers and Merchants Bank is not associated with the Farmers & Merchants Bank with offices in Monticello, Tallahassee and Thomasville.
Latest Comments
Posted by: Anonymous
Location: Lakeland
on Dec 31, 2009 at 07:07 PM
The FMB of Lakeland has offices only in Lakeland, Valdosta, Nashville, Homerville, Conyers and Covington. They are not related in any way to the other FMB offices mentioned. Yes, this FMB has been in trouble before, but not as it is now. Changes in management several years ago, along with sudden growth spurts and expansions to other lending areas may have contributed to the problems, along with the decline in the housing industry. Top management may need to look at the addition that was made to the management team and make changes there. Things seemed to be fine up to that point, to the public anyway. FDIC is correct in being cautious because of the economy, but FMB has had time to make changes since the first Cease & Desist order was issued. http://www.fdic.gov is a good place to start for facts.
Posted by: GV
Location: Ga
on Dec 31, 2009 at 03:07 PM
BANKER,the people who are offended by this story are to stupid to know anything about the banking industry.CUSTOMER,they shouldn't be on their way to following federal guidelines,they should have never NOT followed them.
Posted by: BANKER
Location: GEORGIA
on Dec 30, 2009 at 09:07 PM
Yes, this all began this past summer, we who are in the banking industry know the facts, however, the public did not. I think it was past time for the public to hear the hushed truth about the financial troubles of this bank, mainly their clients. Bankers who care about their clients will be honest with their clients, not hide or bend the truth. Maybe the story should have mentioned that this isn't the first time, nor is it just the second time that this very same bank has been under FDIC watch. Maybe it doesn't have as much to do with the failing economy as those offended by the story would like for you to believe. Perhaps it's poor lending practices among various other things. The FDIC isn't pointing fingers to single FMB out and the media is only reporting what the public needs to know. The direct orders issued by the FDIC to FMB can be viewed online, several pages to be exact. No rumors, just facts.
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