A while ago, I signed up on the FDIC website to receive notifications of press releases as they occur. We've had so many bank failures in GA I thought it a wise thing to do. This evening we have has two sets of banks fail in GA. One had 11 branches and the other had over 36 branches. So this is not a small event. The cumulative FDIC bank failure list for Georgia now stands at 32 banks failed.
1.) According to an FDIC press release this evening, the First National Bank of Georgia, located in Carrollton, GA, was closed this evening by the Office of the Comptroller of the Currency OTC, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Community & Southern Bank, Carrollton, Georgia, a newly chartered institution, to assume all of the deposits of First National Bank of Georgia. The 11 branches of First National Bank of Georgia will reopen on Saturday as branches of Community & Southern Bank. Depositors of First National Bank of Georgia will automatically become depositors of Community & Southern Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
*****This evening and weekend, depositors of First National Bank of Georgia can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.*****
2.) Also, Community Bank and Trust, Cornelia, GA, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SCBT, N.A., Orangeburg, South Carolina, to assume all of the deposits of Community Bank and Trust.
The 36 branches of Community Bank and Trust will reopen during normal business hours as branches of SCBT, N.A., but will continue to conduct business under the name Community Bank and Trust. Depositors of Community Bank and Trust will automatically become depositors of SCBT, N.A. Deposits will remain insured by the FDIC, so there is no need for customers to change their banks to retain their deposit insurance coverage. Customers should continue to use the former Community Bank and Trust branch until they receive notice from SCBT, N.A. that it has completed systems changes to allow other SCBT, N.A. branches to process their accounts as well.
James Crawford ABR, Broker Associate
RE/MAX Paramount Properties
1605 Mansell Road Suite 106
Alpharetta GA, 30009
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