This article explains why it was so bad in Georgia. TLDR: Until 1996, a bank couldn't open branches across county lines and there's 159 counties in the state, so there were a lot of banks. And three of the top 10 fastest growing counties were around Atlanta back then, so when the financial crisis hit, it really hit the state hard.
Ryokurin t1_jbxlw2m wrote
Reply to [OC] Bank Failures by US State since 2000 by pm_me_jupiter_photos
https://abcnews.go.com/Business/story?id=7505042&page=1
This article explains why it was so bad in Georgia. TLDR: Until 1996, a bank couldn't open branches across county lines and there's 159 counties in the state, so there were a lot of banks. And three of the top 10 fastest growing counties were around Atlanta back then, so when the financial crisis hit, it really hit the state hard.