How many other seemingly healthy multibillion-dollar community banks are out there waiting to implode? That's impossible to know, which is what's so unsettling about Georgian's sudden downfall. Just when the conventional wisdom suggests the banking crisis might be under control, along comes a reality check that tells us we're still flying blind.
The cost of Georgian's failure confirms that the bank's asset values were too optimistic. It also helps explain why the FDIC, led by Chairman Sheila Bair, is resorting to extraordinary measures to replenish its battered insurance fund.
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