2008-09-26 — bizjournals.com
The Federal Deposit Insurance Corp. disclosed Friday it issued on Aug. 19 a cease and desist order to Chestatee State Bank of Dawsonville, Ga., for alleged “unsafe and unsound banking practices” and “violations of the law.”
Some 16.36 percent of the bank's total loan portfolio was in some form of delinquency or default, as of June 30, according to FDIC data. The bank made $238 million in domestic loans, as of that date. The bulk of those -- $120 million -- were in construction and land development.
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