GNB Update

It's the middle of the work week...Here's the news...

Four Georgia banks must either raise some capital, or they could disappear. That order came from the FDIC, which issued those warnings earlier this past spring, but weren't made public until Tuesday, the Atlanta Journal-Constitution says. The four banks named in the "cease and desist" order were Community Bank & Trust in Cornelia, Gordon Bank in Gordon, Crescent Bank and Trust from Jasper, and Farmers & Merchants Bank in Lakeland. Already this year, the FDIC has closed 14 banks in Georgia. That's the most bank failures among any U.S. state.

The recession continues to worsen in northeast Georgia. The Associated Press reports that portable generator manufacturer Briggs & Stratton will close its plant in Jefferson. It will be merged into facilities located in McDonough, as well as similar plants in Wisconsin and Alabama. More than 400 workers will lose their jobs as a result of that shutdown.

Even the fireworks seen on the Fourth of July holiday aren't immune to the recession. The Atlanta Journal-Constitution reports that Gwinnett County has cancelled its fireworks show for the first time in more than two decades. Two annual fireworks displays in south Georgia's Tift County have also been cancelled, while Douglasville has plans to call off its celebration, too. But fireworks displays in Atlanta suburbs such as Marietta, Peachtree City, and Roswell will go on as scheduled this holiday weekend.

That's the news. GNB is available online at georgianewsbeat.blogspot.com, and on Twitter.com/georgianewsbeat. Enjoy your Wednesday night.