FDIC closed two more Georgia Banks on Friday, April 29, 2011: First Choice Community Bank of Dallas and Valdosta-based The Park Avenue Bank. Park Avenue had a branch on Epps Bridge Parkway beside the IHOP restaurant…… .. Oconee State Bank recently filed its 2010 annual report with the SEC. The report shows a decline in assets from $ 336.5 Million in 2006 to $ 279.4 Million at the end of 2010. …………….. I personally know of a stockholder who recently offered 200 shares at $ 30 a share to about 10 prospective stock buyers. There were no responses……………

AVOC

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May 1, 2011

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Banks ‘Not out of woods’ yet- another bank in Oconee closed by FDIC

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By Wendell Dawson, Editor, AVOC, Inc

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FDIC closed two more Georgia Banks on Friday, April 29, 2011: First Choice Community Bank of Dallas and Valdosta-based The Park Avenue Bank.Park Avenue had a branch on Epps Bridge Parkway beside the IHOP restaurant. Georgia leads the nation in bank failures since mid 2008 with 61.     Information for The Park Avenue Bank - http://www.fdic.gov/bank/individual/failed/parkavenue_ga.html ;

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Some observers say more foreclosures will be coming and the housing market has not hit bottom.   See comments of AVOC readers below.

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Oconee State Bank recently filed its 2010 annual report with the SEC.   The report shows a decline in assets from $ 336.5 Million in 2006 to $ 279.4 Million at the end of 2010.    The report states…” The Bank experienced declines in loans, deposits, total assets and capital during 2010.  Like many financial institutions across the United States, the Bank’s operations have been negatively affected by the current economic crisis……..’  

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Oconee Financial Corp (OSB) 2010 SEC Report -3.31.11

    http://www.sec.gov/Archives/edgar/data/1076691/000101968711001030/oconee_10k-123110.htm

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Table 9

Deposits

Time deposits in amounts of $ 100,000 or more totaled $ 49,794,000 and $ 52,535,000 at December 31, 2010 and 2009, respectively.  Table 10 is a summary of the maturity distribution of time deposits in amounts of $ 100,000 or more as of December 31, 2010.

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The report (Page 15) addresses equity and stockholder matters also:

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            “Markets For Capital Stock and Dividends

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Oconee’s common stock, its only class of equity securities, is not traded on an established public trading market.  The following table sets forth certain information regarding trades of Oconee common stock known by management for the indicated periods:

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At March 31, 2011, there were approximately 718 record holders of Oconee common stock and 899,815 shares issued and outstanding.

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I personally know of a stockholder who recently offered 200 shares at $ 30 a share to about 10 prospective stock buyers.   There were no responses.    Stock has a minimal value at this time.   All of us stockholders hope it can turn around.    However, it may take some time.

Regulators close two more Georgia banks – AJC – 4.29.11 -6:52 PM

http://www.ajc.com/business/regulators-close-two-more-930060.html

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Park Avenue BankPark Avenue Bank

1081 Parkway Boulevard
Athens, GA 30606-6171

Information for The Park Avenue Bank

http://www.fdic.gov/bank/individual/failed/parkavenue_ga.html

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Regulators shut down two more Georgia banks Friday, bringing the year’s total to 10 and extending the state’s nation-leading failure tally to 61 since mid-2008.

First Choice Community Bank of Dallas and Valdosta-based The Park Avenue Bank were seized and sold to Arkansas-based Bank of the Ozarks, the Federal Deposit Insurance Corp said.

Both banks will reopen under normal business hours and days of operation as Bank of the Ozarks branches. Ozarks has now bought five failed Georgia institutions since early 2010.

First Choice had $ 308.5 million in assets and $ 310 million in deposits as of December. Park Avenue had assets of $ 953.3 million and deposits of $ 827.7 million. Ozarks agreed to purchase most of both banks' assets and all deposits in a loss-share agreement with the FDIC.

   The failures combined are estimated to cost the FDIC’s insurance fund, the backstop that protects depositors, $ 398.5 million.

   Park Avenue had branches in South Georgia, one in Florida and a few others elsewhere, including Stockbridge and Athens. The bank was founded in Valdosta in the 1950s.

   A buying spree in the early 2000s saw the bank acquire rivals in metro Atlanta, South Georgia and Ocala, Fla. The moves sparked growth but ultimately proved fatal when the economy turned. The bank found much of its pain in soured North Georgia and Florida real estate loans.

   Park Avenue lost $ 43.7 million in 2010,………………..

Comments from AVOC readers:

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From: H
Sent: Saturday, March 26, 2011 9:57 PM
To: Wendell T. Dawson
Subject: Re: OSB & Texas Ratio

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I have a friend at Freddie who says we have not hit bottom.

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From:
Sent: Saturday, April 02, 2011 8:30 AM
To: Wendell T. Dawson
Subject: Housing

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Did you look at OSB's 10-K?  Worrisome.

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On the housing front, my friend at Freddie talks about FL/GA (way too much inventory) taking a long time to heal in the housing market.  The foreclosure process involving the courts would keep the market depressed for some time………