ALBANY, GA (WALB) – Twenty-one Georgia banks have failed over the past year, three just last Friday, but one community bank based in Albany is getting on solid footing.
AB&T National Bank ant the Office of the Comptroller of the Currency have terminated a formal agreement that started back in 2006. The agreement placed the bank under the scrutiny of regulators because the investment portfolio and the operational areas of the bank just weren't where they needed to be. The bank is doing much better down. At a time when 50-percent of banks fall under regulatory orders, it's rare a bank is released from that type of oversight.
"Since that time of course the bank has worked diligently to improve its overall condition. We've improved credit quality which for a bank means our loan portfolio is in much better shape than it was. We've gone out in the last year and raised capital we've raised five million dollars," said Luke Flatt, AB&T President/CEO.
Bank officials say AB&T demonstrated the discipline and skill necessary to reverse its direction, build capital, and improve loan quality. They say they'll continue to work to improve.