The FDIC announced last week that it had taken action in April against Hometown Community Bank in Braselton in an effort to improve the bank’s financial position. In a 35 page consent order, the FDIC ordered Hometown Community Bank to take a variety of steps to strengthen the bank’s weak financials. The bank, which began in 2005, has been struggling in the recession. At the end of last year, the bank had a troubled asset ratio of 300 percent and that had been as high as 500 percent in June of last year. The bank lost $4.7 million in 2010 and $576,000 in 2011. At the end of December, Hometown Community Bank had troubled assets of $28.4 million and total assets of $136 million.
Among a number of actions the bank was ordered to take were:
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