AVOC.info
Quick-Search:    

Advanced Search


2-5-11 North GA Bank to BankSouth changeover moved quickly

Cars were all over the parking lots Saturday morning as regulators and bank employees transition the ownership. Signs of BankSouth were placed in front entrances of the main branch on US 441 and the Athens Branch on Epps Bridge Parkway.

AVOC

.

February 5, 2011

.

North GA Bank to BankSouth changeover moved quickly

.

By Wendell Dawson, Editor, AVOC Inc

.

North GA Bank Main Office on US 441 had flurry of cars on Saturday, February 05, 2011

.

Things have moved swiftly with the takeover of North GA Bank.   Cars were all over the parking lots Saturday morning as regulators and bank employees transition the ownership.   Signs of BankSouth were placed in front entrances of the main branch on US 441 and the Athens Branch on Epps Bridge Parkway.

.

North GA Bank on Epps Bridge Parkway on Saturday, February 05, 2011

.

Sign Change on Main Office of North GA Bank on U S 441 on Saturday, February 05, 2011

.

At least one customer was positive about the change:..

.

I just went over to NGB/BankSouth to deposit a small check.Business as usual.Tellers are happy. Couple good old boys left holding worthless stock are not.   The doughnuts were good.

 .

Now for the usual FDIC filings of charges and suits. That ought to be interesting and revealing….’

 .

Depositors are okay because of FDIC Insurance for accounts not exceeding $ 250,000.    Stockholders usually lose all stock equity.   Some shareholders have expressed disappointment with their losses.   A number of folks, including this writer, bought $ 5,000.00 worth for 500 shares and received dividends for several years though most of the money is gone.   It is not a substantial loss for the average investor.   Directors and officers may experience more significant losses.

.

The Athens Banner-Herald article in today’s paper has the usual comments from a lot of folks, some informed, some not informed and some just sarcastic and rediculous.   A frequent commenter is Winfield Abbe who may bring some solace to the investors with this comment:“…….what about the $ 35 million paid by the F.D.I.C.? What if the investors had to sustain this huge loss?.....”

.

….Local bank closed- BankSouth takes over North Georgia

    AB-H – Don Nelson -Saturday, February 05, 2011

      http://onlineathens.com/stories/020511/new_781151393.shtml#newComments


Quick-Search: