North Georgia Banks Included On Latest Warning List Over Bad Loans

You are supposed to say that. But the Feds are saying be careful where you put your money.

Official response from Northwest Georgia Bank

Scott Smith, president & COO, said:

“The FDIC news release posted Monday (Dec. 28) concerning Northwest Georgia Bank is the result of an examination in 2008. Since that time, we have taken necessary actions to strengthen our balance sheet and put us back on track to profitability. We remain well-capitalized and have excess capital above the regulatory minimum requirements, while at the same time raising even more capital as required by the FDIC during these economic times.

“We are confident that our current strategies will bring us back to profitability in 2010. We are now maintaining the most conservative strategy in our 105-year history, with plenty of excess liquidity and excess capital.

“The most important point I want to affirm to our customers and the communities we serve is that we remain safe, sound and well-capitalized. We have served this community for more than a century and are extremely confident that we will continue to serve this community for another century and beyond.

“If you have questions or concerns about the safety and soundness of this financial institution, please feel free to contact me, day or night, at ssmith@nwgb.com or 706-965-3000.”