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By Robin Jedlicka - bio | email
LAKELAND, GA (WALB) - Lakeland's only bank has received a warning from the Federal Deposit Insurance Corporation.
The FDIC sanctioned Farmers & Merchants bank on North Carter Street and ordered the bank to stop risky practices. The FDIC found ten violations, such as operating with a large volume of poor quality loans and operating with management whose policies jeopardize the safety of deposits.
Bank customers were shocked by the news.
"We've always done business with Farmers and Merchants bank here in Lakeland, and we've always gotten good service," says Lanier County Resident Beverly Moore. "They've always been so friendly. In fact, we grew up with most of the people in there, and even my children grew up with their children. It's always been nice."
Another audit will take place in approximately sixty days to determine the bank's progress.
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