Hiawassee loses major employer with bank closure

Mar 20, 2010 Full story: Toronto News.Net 41

With $25,000 in working capital, ten local businessmen saw the need for a bank in Hiawassee, Georgia.

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morgan

Jefferson, GA

#1 Mar 24, 2010
It is not true that jobs are currently being lost.
The sign for the Bank of Blairsville ... Same Great People, Same Great Service.
Selma

Murphy, NC

#2 Mar 24, 2010
"Failed institution" are the words the FDIC used I do believe.
just little old me

Dahlonega, GA

#3 Apr 26, 2010
Who are the ten local people opening the bANK?
Heard

Dahlonega, GA

#4 Apr 26, 2010
They are not all local people
Heartbroken

Demorest, GA

#5 Apr 26, 2010
did Bank of Hiawassee just let many people go?
Just an opinion

Onalaska, WA

#6 May 1, 2010
I think the banks need to stop doing bad loans! I've seen so many foreclosures on dollar amounts thats riduclious! An average person making less than 25k a year with a mortgage of 250k! Or a construction loan of 350k and they make less than 25k a year! How stupid was that to make them kind of loans and not make them verify their income to make sure they could pay those debts!!
WHO CARES

Jefferson, GA

#7 May 1, 2010
Just an opinion wrote:
I think the banks need to stop doing bad loans! I've seen so many foreclosures on dollar amounts thats riduclious! An average person making less than 25k a year with a mortgage of 250k! Or a construction loan of 350k and they make less than 25k a year! How stupid was that to make them kind of loans and not make them verify their income to make sure they could pay those debts!!
Thatís the world that George Bush and the Republicans created! No accountability and no government controls, letting business do whatever they want, almost destroying the world economy! But thatís the world the current crop of conservative republicans want to continue, amazing!! Most people can learn from their mistakes, some never will.
Just an opinion

Onalaska, WA

#8 May 1, 2010
WHO CARES wrote:
<quoted text>
Thatís the world that George Bush and the Republicans created! No accountability and no government controls, letting business do whatever they want, almost destroying the world economy! But thatís the world the current crop of conservative republicans want to continue, amazing!! Most people can learn from their mistakes, some never will.
That's the truth Lenders should have NEVER been allowed to do stated income no documentation loans! Any one could state they make 100k-200k a year! Bad investments for Lenders not making borrowers prove their income! What do the Presidents of the banks do anyway to earn their salaries? They sure weren't looking after the banks best interest or borrowers interest! Just looking to make their bank accounts bigger!
Dummer N Dirt

Jefferson, GA

#9 May 12, 2010
Wow, easy way to make almost 19 million dollars!

GASTONIA, N.C., May 7 /PRNewswire-FirstCall/-- Citizens South Banking Corporation (Nasdaq: CSBC), the parent company for Citizens South Bank, reported net income available to common stockholders of $10.0 million, or $1.29 per diluted share, for the quarter ended March 31, 2010, compared to $203,000, or $0.03 per diluted share, for the quarter ended March 31, 2009. Several significant factors affect the comparability of the first quarter 2010 and 2009 results, including the following items:

-- In the first quarter of 2010, the Company realized an $18.7 million pre-tax gain related to the acquisition of Bank of Hiawassee in Hiawassee, Georgia in an FDIC-assisted transaction. This gain resulted from the difference between the purchase price and the acquisition date fair value of the acquired assets and assumed liabilities.-- Also in the first quarter of 2010, the Company recorded acquisition and integration-related expenses of $787,000 related to the acquisition of Bank of Hiawassee. These expenses were primarily related to professional services, severance payments, and data processing integration expenses incurred as a result of the acquisition and integration of Bank of Hiawassee.
H H Greg

Cleveland, GA

#10 May 13, 2010
Just an opinion wrote:
<quoted text> That's the truth Lenders should have NEVER been allowed to do stated income no documentation loans! Any one could state they make 100k-200k a year! Bad investments for Lenders not making borrowers prove their income! What do the Presidents of the banks do anyway to earn their salaries? They sure weren't looking after the banks best interest or borrowers interest! Just looking to make their bank accounts bigger!
You hit the nail right on the head. It is not just that one Comm.Bk either. Been there Done that Work there if you know what I mean. I sit back and look at this failling down. Thinking, I argue this point with my supervisior and bank president eight years ago. Boy, I'm so glad I walked away and let them have it. FDIC could really have a hay day there. Hold on tight the rides not over yet.
ga boy

Lawrenceville, GA

#11 May 15, 2010
WHO CARES wrote:
<quoted text>
Thatís the world that George Bush and the Republicans created! No accountability and no government controls, letting business do whatever they want, almost destroying the world economy! But thatís the world the current crop of conservative republicans want to continue, amazing!! Most people can learn from their mistakes, some never will.
Are you serious? read up in the history books dummy - not that I am taking up for the Bush nitwits by any means but it was Clinton and his regime that STARTED the mess we're in - easy credit = everybody deserves a home whether they could afford it or not was their motto - Bush and congress simply continued to ALLOW it to go on and then allowed it to happen in the secondary and investment market too === and by the way, if you'll really do your homework, it wasn't the president or congress' fault in reality no matter who is/was in office - it boils down to greed by Wall Street and the banks making stupid idiotic loans to folks who had no business buying or investing in real estate. In my opinion, certain banks thought the real estate market was a SURE thing or made it easy for fraud to happen(loans to be sold in the secondary market that were terrible loans)- it is sad thing that some uneducated and unprepared investors/locals bought into the real estate "ponzi scheme" and tried to help themselves by making a little money in the mountain real estate market only to be busted by the failing economy...i am aware of some of these stupid loans that a few banks made and wonder - what were they thinking? but there is a saying you may have heard - "if you're gonna be stupid, you better be tough" - enough said
oily

Buffalo, TX

#12 May 15, 2010
H H Greg wrote:
<quoted text>
You hit the nail right on the head. It is not just that one Comm.Bk either. Been there Done that Work there if you know what I mean. I sit back and look at this failling down. Thinking, I argue this point with my supervisior and bank president eight years ago. Boy, I'm so glad I walked away and let them have it. FDIC could really have a hay day there. Hold on tight the rides not over yet.
I posted on Hiaw topix last year and the year before that the local banks and real estate market would fail. So be it.... dam fool Floridians that think they are rich.....Har Har Har.
enough said

Clarkesville, GA

#13 May 15, 2010
ga boy wrote:
<quoted text>
Are you serious? read up in the history books dummy - not that I am taking up for the Bush nitwits by any means but it was Clinton and his regime that STARTED the mess we're in - easy credit = everybody deserves a home whether they could afford it or not was their motto - Bush and congress simply continued to ALLOW it to go on and then allowed it to happen in the secondary and investment market too === and by the way, if you'll really do your homework, it wasn't the president or congress' fault in reality no matter who is/was in office - it boils down to greed by Wall Street and the banks making stupid idiotic loans to folks who had no business buying or investing in real estate. In my opinion, certain banks thought the real estate market was a SURE thing or made it easy for fraud to happen(loans to be sold in the secondary market that were terrible loans)- it is sad thing that some uneducated and unprepared investors/locals bought into the real estate "ponzi scheme" and tried to help themselves by making a little money in the mountain real estate market only to be busted by the failing economy...i am aware of some of these stupid loans that a few banks made and wonder - what were they thinking? but there is a saying you may have heard - "if you're gonna be stupid, you better be tough" - enough said
enough saie, I don't think so, Clinton started it, but we had no idea what easy credit was til Bush allowed and encourage it for 8 more years. I could not get a no dock loan during Clintons time, got 3 during Bush. In a speech in Cal. he said everyone deserves a HOME, and he made it happen. Some of the "stupid" folks from around here you put down made enough money during the boom to get them by just fine. As for the idiot in the next post, them stupid floridians were selling florida land to move up here for a whole lot more that the mountain land they bought, a lot of them are still way ahead.
Sassafras Tea

Cleveland, GA

#14 May 15, 2010
Clinton started or tried to start many things. He had the most stubborn house and senate in the entire world. Then along comes the cowboy team of Bush and trigger happy Cheney. Well I think that speaks for itself right there. On loans all you had to do was walk in a bank and take their overbrewed coffee and smooze up and you had a loan on your name only not a doggone thing on paper to prove you had a dime. You lived in your $350,000 plus home and never paid anything but a little interest never a dime toward principal. Every Johnny and Dicky was selling a little land here and there, they had loans out the wazzoo at every bank that would take their famous name (smoozers) now under real rules the loans are domino ing down and due. Smooze power no more. We have the cowboys Bush and Cheney to thank for a lot, most of all I thank them for the loans coming due one day in 2008 and our country going bankrupt while they sat around scratching their ugly heads and saying what happened. You probably can tell from this that I can't stand Bush and Cheney and yes I blame them from everything from lost jobs to the price of bread. By the way Arnold Swartzenager is dumb as dirt too.
gamule

Jefferson, GA

#15 May 16, 2010
Sassafras Tea wrote:
Clinton started or tried to start many things. He had the most stubborn house and senate in the entire world. Then along comes the cowboy team of Bush and trigger happy Cheney. Well I think that speaks for itself right there. On loans all you had to do was walk in a bank and take their overbrewed coffee and smooze up and you had a loan on your name only not a doggone thing on paper to prove you had a dime. You lived in your $350,000 plus home and never paid anything but a little interest never a dime toward principal. Every Johnny and Dicky was selling a little land here and there, they had loans out the wazzoo at every bank that would take their famous name (smoozers) now under real rules the loans are domino ing down and due. Smooze power no more. We have the cowboys Bush and Cheney to thank for a lot, most of all I thank them for the loans coming due one day in 2008 and our country going bankrupt while they sat around scratching their ugly heads and saying what happened. You probably can tell from this that I can't stand Bush and Cheney and yes I blame them from everything from lost jobs to the price of bread. By the way Arnold Swartzenager is dumb as dirt too.
so the government made it possible to borrow money from the banks.how does that make them responsible for how much that a person borrows?the banker should take credit for that move.but if they are getting a precentage from what they loan then the greed comes from them seeing as how they will sell the morgage to some one else.the people taking out the loan should use a little common sence also.People need to guit blaming others for their bad choices
Dummer N Dirt

Clarkesville, GA

#16 May 16, 2010
Sassafras Tea wrote:
Clinton started or tried to start many things. He had the most stubborn house and senate in the entire world. Then along comes the cowboy team of Bush and trigger happy Cheney. Well I think that speaks for itself right there. On loans all you had to do was walk in a bank and take their overbrewed coffee and smooze up and you had a loan on your name only not a doggone thing on paper to prove you had a dime. You lived in your $350,000 plus home and never paid anything but a little interest never a dime toward principal. Every Johnny and Dicky was selling a little land here and there, they had loans out the wazzoo at every bank that would take their famous name (smoozers) now under real rules the loans are domino ing down and due. Smooze power no more. We have the cowboys Bush and Cheney to thank for a lot, most of all I thank them for the loans coming due one day in 2008 and our country going bankrupt while they sat around scratching their ugly heads and saying what happened. You probably can tell from this that I can't stand Bush and Cheney and yes I blame them from everything from lost jobs to the price of bread. By the way Arnold Swartzenager is dumb as dirt too.
You won't get the republicans in this county to admit their party is at fault for anything. Heck they want to elect Deal for governor even after his ethics problems!!!!
You must be kidding

Young Harris, GA

#17 May 16, 2010
morgan wrote:
It is not true that jobs are currently being lost.
The sign for the Bank of Blairsville ... Same Great People, Same Great Service.
And, based on that sign alone, you interrupted it to mean no jobs were lost? Jezzzzzzzzzzzzzzzzz.
You must be kidding

Young Harris, GA

#18 May 16, 2010
Dummer N Dirt wrote:
<quoted text>
You won't get the republicans in this county to admit their party is at fault for anything. Heck they want to elect Deal for governor even after his ethics problems!!!!
Hell, you can't get any politician or any political party to ever admit ANYTHING is their fault!
huh

Dawsonville, GA

#19 May 16, 2010
WHO CARES wrote:
<quoted text>
Thatís the world that George Bush and the Republicans created! No accountability and no government controls, letting business do whatever they want, almost destroying the world economy! But thatís the world the current crop of conservative republicans want to continue, amazing!! Most people can learn from their mistakes, some never will.
We do not need government control, we need banks to do their jobs. If Bi-lo started giving away their food and went bankrupt, you would say it was bad business, not we need government control. Banks have eyes on them, they should have been corrected during an audit for their bad dealings. Bush did not do this, GREED did.
Sassafras Tea

Cleveland, GA

#20 May 16, 2010
gamule wrote:
<quoted text>so the government made it possible to borrow money from the banks.how does that make them responsible for how much that a person borrows?the banker should take credit for that move.but if they are getting a precentage from what they loan then the greed comes from them seeing as how they will sell the morgage to some one else.the people taking out the loan should use a little common sence also.People need to guit blaming others for their bad choices
Mule, maybe you are right about some of your post. However, I know that political affiliation does play a factor. Many bankers made a huge play to get people to vote for the plague Bush/Cheney ticket. The bankers did want their quotas up in making loans. I do know this you need capital to issue out loans and that should be the way it always has been. You know bankers did not care about that. Banks should be competetive with CD rates like it was in the late 90's and early 2000. I have not made those bad choices because I don't march to the bad choice band.

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