Partner in AJC article on Georgia banks facing uncertain futures
Atlanta partner James Stevens was quoted in an August 17 Atlanta Journal-Constitution article about some Georgia banks facing uncertain futures due to a recent wave of bankruptcies or forced sales. Ultimately, these bankruptcies and forced sales could set back Georgia banks’ efforts to rebuild their roles as local economic engines.
One such bankruptcy, which was involuntary, happened this summer with Farmers and Merchants Bank of Lakeland, Georgia, a small bank in a little South Georgia town. The bank’s parent, FMB Bancshares, has outstanding debt over $13 million, according to Cayman Islands-based Trapeza CDO XII Ltd., which initiated the involuntary bankruptcy. James, who represents FMB, said that the bankruptcy was filed against the holding company and that the actual bank was operating normally. “It shouldn’t affect the bank at all,” James said.