The Collapse of a Community Bank

So Close
For many in Cornelia, the failure of CB&T represents more than just financial loss. The bank also represented a spirit of generosity and a set of values Cornelians thought they and their bankers shared. "It's like finding out an old friend has done something you don't want to believe until the facts just smack you in the face," says Sally Yates, the U.S. Attorney for the Northern District of Georgia. The experience of Cornelia goes to show that restoring the economy will take more than just saving the elements of the small-bank system or prosecuting criminals. It will also involve ordinary folk learning some difficult lessons in personal financial responsibility.

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