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24-11 North GA Bank (Oconee County) Closed by FDIC Today

North GA Bank will become part of BankSouth based in Greene County. Depositors will be protected but not necessarily the stockholders.

AVOC

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February 4, 2011

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North GA Bank Closed by FDIC Today

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By Wendell Dawson, Editor, AVOC Inc

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FDIC closes banks at the end of the business day on Fridays.North GA Bank in Watkinsville, Georgia, was closed late today.

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With Banks and real estate challenges, the closing was not surprising to many observers.   There have been enforcement actions and rumors for several months.

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The Bank will become part of BankSouth based in Greene County.    Depositors will be protected but not necessarily the stockholders.

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For more details see Media Links referenced below and the FDIC Website:

       2-4-11 FDIC Info on North GA Bank Closing.pdfx

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2-16-09 Banks struggling – Local Banks on list of GA challenged banks

            http://www.avoc.info/info/article.php?article=3987

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9-28-09 Fed & State Regulators take enforcement action with local Oconee County Banks

             http://www.avoc.info/info/article.php?article=4036

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9-23-10 Bank Closings coming closer to home – Peoples Bank was Institution for 84 Years

              http://www.avoc.info/info/article.php?article=4121


The Atlanta Journal-Constitution

http://www.ajc.com/business/two-more-georgia-banks-828190.html

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February 4, 2011

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Two more Georgia banks closed

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By J. Scott Trubey-The Atlanta Journal-Constitution

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Two small Georgia banks were closed by regulators Friday, including one with offices in Fulton and Forsyth counties.

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American Trust Bank of Roswell, and North Georgia Bank of Watkinsville, were closed by state regulators and sold to other institutions by the Federal Deposit Insurance Corp. Four Georgia banks have failed so far in 2011.

American Trust was acquired by Renasant Bank of Tupelo, Miss.

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North Georgia Bank -- which is not connected with Bank of North Georgia, a Synovus Financial affiliate -- was sold to BankSouth of Greensboro.

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Fifty-five banks have now failed in Georgia since mid-2008, more than in any other state. Both banks closed Friday were founded in the early 2000s and rode the boom of Georgia’s real estate market, only to suffer fatal wounds when it burst.

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North Georgia Bank branches in Watkinsville and Athens will reopen Saturday as offices of BankSouth.

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North Georgia had $ 153.2 million in total assets and $ 139.7 million in deposits as of December.   BankSouth agreed to assume virtually all its assets in a loss-share transaction with the FDIC.

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North Georgia’s failure will cost the FDIC’s insurance fund $ 35.2 million.

Depositors of the failed banks will immediately become customers of the acquiring institutions.


The Athens Banner-Herald

http://www.onlineathens.com/stories/020411/bre_780952917.shtml

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February 4, 2011

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Regulators close Watkinsville bank

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State and federal banking regulators closed Watkinsville’s North Georgia Bank branches at the close of business today.

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The state Department of Banking and Finance closed the bank’s two branches and appointed the Federal Deposit Insurance Corp. as receiver. To protect bank depositors, the FDIC sold North Georgia Bank to Greensboro-based BankSouth, which will assume all of the deposits of North Georgia Bank, except certain brokered and Internet deposits.

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The two branches of North Georgia Bank will reopen on Saturday as branches of BankSouth. Depositors of North Georgia Bank will automatically become depositors of BankSouth. Deposits will continue to be insured by the FDIC. Customers of North Georgia Bank should continue to use their existing branch until they receive notice from BankSouth that it has completed systems changes to allow other BankSouth branches to process their accounts as well.

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This evening and over the weekend, depositors of North Georgia Bank 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.

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Customers can call the FDIC toll-free line 1-866-782-1897 until 9 p.m. tonight. On Saturday, the phone line will be available from 9 a.m. to 6 p.m.; on Sunday from noon to 6 p.m.; and thereafter from 8 a.m. to 8 p.m. Information also is available on the FDIC’s website, www.fdic.gov/bank/individual/failed/northgabank.html

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The Oconee Enterprise

http://www.oconeeenterprise.com/articles/2011/02/04/news/doc4d4c8bf3618e2092344378.txt

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February 4, 2011

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North Georgia Bank closed

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by Blake Giles

Published: Friday, February 4, 2011 6:30 PM EST

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North Georgia Bank, a victim of the collapse of the real estate development market in Oconee County, was closed today by the Georgia Department of Banking and Finance.
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The FDIC negotiated a purchase and assumption agreement with BankSouth, Greensboro..................
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The two branches of North Georgia Bank will reopen on Saturday as branches of BankSouth. Depositors of North Georgia Bank will automatically become depositors of BankSouth. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of North Georgia Bank should continue to use their existing branch until they receive notice from BankSouth that it has completed systems changes to allow other BankSouth branches to process their accounts as well.
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As of Dec. 31, North Georgia Bank had approximately $ 153.2 million in total assets and $ 39.7 million in total deposits. BankSouth agreed to purchase approximately $ 123.9 million of the failed bank's assets, including all of the loans. The FDIC will retain the remaining assets for later disposition.


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