Three banks remain troubled

Three banks with branches in Jackson County remained in troubled territory at the end of 2010. Hometown Community Bank in Braselton, First Covenant Bank in Commerce and First Georgia Banking Company, which is headquartered in Franklin, but with offices in Jackson County, all had troubled asset ratios above 100 at the end of 2010.

But while those banks continue to struggle, Hamilton State Bank in Hoschton is one of the few area banks that has been able to raise significant capital in order to actually buy other failing banks.

Hamilton raised $231 million in February to be used to buy FDIC assisted deal around Atlanta, according to an article in American Banker magazine. Hamilton has also revamped its board with seven new directors and plans to soon pay back TARP funds it borrowed during the early days of the recession, the article said.

For the full story, see the April 13 issue of The Jackson Herald.