Department of Banking and Finance bulletin, Apr. 30, 2001

. . . .BULLETIN. . . .BULLETIN. . . .BULLETIN. . . .BULLETIN. . . .
STATE OF GEORGIA DEPARTMENT OF BANKING AND FINANCE
STEVEN D. BRIDGES, COMMISSIONER

Phone: (770) 986-1633

Fax: (770) 986-1655

Internet Address: http://www.state.ga.us/dbf/
April 30, 2001 The following is a summary of official action taken on applications by State Financial Institutions under Chapter 7-1 of the Code of Georgia and petitions for Certificate of Incorporation of Financial Institutions and other matters of interest during the month of April 2001.
IN THIS ISSUE: Eligible Investment Securities

APPLICATIONS FOR NEW FINANCIAL INSTITUTION

FINANCIAL INSTITUTION Prime Bank 3423 Piedmont Road Suite 125 Atlanta, GA 30305 Fulton County

APPROVAL

CAPITALIZATION DATE BEGIN BUSINESS DATE

$ 8,500,000

Pending

New South Bank 4077 Forsyth Street Macon, GA 31210 Bibb County

$ 7,000,000

Pending

FINANCIAL INSTITUTION CONVERSIONS

PREVIOUS NAME Douglas Federal Bank, A Federal Savings Bank

CONVERTED TO Douglas Federal Bank Douglasville Douglas County

APPROVAL DATE
02-20-2001

EFFECTIVE DATE
04-02-2001

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION SunTrust Bank Atlanta

BRANCH OFFICE North Charles Safeway Branch Office 2401 North Charles Street Baltimore, MD 21218

APPROVAL DATE
03-26-2001

BEGIN BUSINESS
DATE
04-12-2001

SunTrust Bank Atlanta

Sumner Place Safeway Branch Office 4701 Sangamore Road Montgomery County

11-22-2000 04-25-2001

SunTrust Bank Atlanta

Boca Polo Club Shoppes Branch Office 5030 Champion Blvd., Suite F-8 Boca Raton, FL 33496 Palm Beach County

04-13-2001

SunTrust Bank Atlanta

Pooler-Godley Station Branch Office 140 Pooler Parkway Pooler, GA 31322 Chatham County

SunTrust Bank Atlanta

Good Hope Marketplace Branch Office 2845 Alabama Avenue, SE Washington, DC 20020

SunTrust Bank Atlanta

Opitz Safeway Branch Office 20942 Daniel Stewart Square Woodbridge, VA 22191 Prince William County

Century Bank of Bartow County Cartersville

Ingles West Avenue Branch Office 825 West Avenue Cartersville, GA 30120 Bartow County

Columbus Bank and Trust Company Cayman Islands Branch Office

Columbus

c/o CIBC

P.O. Box 694GT, Edward Street

Georgetown, Cayman Islands

Community Bank & Trust Cornelia

Auburn Branch Office 1528 Atlanta Highway, NW Auburn, GA 30011 Barrow County

First Nation Bank Covington

Willow Lane Branch Office 101 Willow Lane McDonough, GA 30253 Henry County

Dalton Whitfield Bank Dalton

Rocky Face Branch Office 2709 Chattanooga Road Suite 5 Rocky Face, GA 30740 Whitfield County

03-06-2000 04-02-2001 Pending
03-26-2001 04-25-2001 11-27-2000 04-03-2001 05-17-2000 09-18-2000 02-26-2001 04-05-2001 03-06-2001 04-16-2001 04-06-2001

The Bank of Georgia Fayetteville

Newnan Branch Office 471 Highway 29, North Newnan, GA 30263 Coweta County

04-24-2001

The Bank of Georgia Fayetteville

Westpark Branch Office 100 West Park Drive Peachtree City, GA 30296 Fayette County

04-27-2001

Security Bank of Bibb County Macon

Forsyth Road Branch Office 4219 Forsyth Road Macon, GA 31210 Bibb County

04-25-2001

The Bank of Perry Perry

Warner Robins Branch Office 308 Margie Drive Warner Robins, GA 31088 Houston County

04-13-2001

Community Bank of the South Smyrna

Dallas Highway Branch Office 3596 Dallas Highway Marietta, GA 30064 Cobb County

Pending

Eagle Bank and Trust Statesboro

Richmond Hill Branch Office 1925 Highway 17 Richmond Hill, GA 31324 Bryan County

07-28-2000 04-10-2001

CB&T Bank of Middle Georgia Warner Robins

Highridge Centre Branch Office 3920 Arkwright Road Highridge Centre, Suite 105 Macon, GA 31210 Bibb County

04-04-2001

APPLICATIONS TO CHANGE LOCATION

FINANCIAL INSTITUTION

CHANGE LOCATION OF

Peoples Bank of West Georgia From: 664 West Bankhead Hwy, Suite 2-C

Carrollton

Villa Rica 30180

Carroll County

To: 485 West Bankhead Hwy

Villa Rica 30180

Carroll County

APPROVAL DATE
04-20-2001

EFFECTIVE DATE

Bank of Hiawassee Hiawassee

From: 337 Brookwood Drive Blairsville 30512 Union County
To: 10 Highway 515 Blairsville 30512 Union County

04-24-2001

NOTICE OF CHANGE IN NAME

PREVIOUS NAME Bank of Burke County Sardis

NEW NAME Southern Bank

APPROVAL DATE 04-02-2001

EFFECTIVE DATE 04-16-2001

APPLICATIONS FOR RESERVATION OF A NAME

PROPOSED NAME Aspire Bank

COUNTY DeKalb County

APPLICANT Mr. K. K. Srinivasan Chief Credit Officer CompuCredit 245 Perimeter Center Pkwy, Ste 600 Atlanta, GA 30346

United Commercial Bank Cobb County

Mr. Robert A. Calvert, Jr. Principal & Owner Calvert Consulting P. O. Box 768711 Roswell, GA 30076

FINANCIAL INSTITUTION MERGERS

FINANCIAL INSTITUTION (SURVIVOR)
United Community Bank
Blairsville

MERGED INSTITUTION First Floyd Bank
Rome

APPROVAL EFFECTIVE

DATE

DATE

03-20-2001 04-25-2001

United Community Bank Blairsville

Bank of Adairsville Adairsville

03-20-2001 04-25-2001

Community First Bank Carrollton

Douglas Federal Bank Douglasville

Pending

The Park Avenue Bank Valdosta

Friendship Community Bank Ocala, FL

Pending

APPLICATIONS TO BECOME A BANK HOLDING COMPANY AND/OR TO ACQUIRE VOTING STOCK OF A FINANCIAL INSTITUTION

BANK HOLDING COMPANY TO ACQUIRE

APPROVAL DATE

FORMATIONS Georgia Banking Company, Inc.
Atlanta, GA

Georgia Banking Company (In Organization) Atlanta, GA

Pending

Reliance Financial Corporation Atlanta, GA

Reliance Trust Company Atlanta, GA

Pending

Georgia Bancshares, Inc. Fayetteville, GA

The Bank of Georgia Fayetteville, GA

Pending

NBOG Bancorporation, Inc. Gainesville, GA

National Bank of Gainesville (In Organization)
Gainesville, GA

04-02-2001

ACQUISITIONS GB&T Bancshares, Inc. Gainesville, GA

Community Trust Bank Hiram, GA

Pending

Persons Banking Company, Inc. Lithonia, GA

The Farmers Bank Forsyth, GA

Pending

ABC Bancorp Moultrie, GA

The First Bank of Brunswick Brunswick, GA
CHECK CASHER LICENSES ISSUED

Pending

CITY Jonesboro
Smyrna

APPLICANT NAME Aliza & Arisha Corporation
Maher A. Alkhalaileh

TRADE NAME Herbert's Food Mart
United Check Cashing

NOTICE
Eligible Investment Securities
The following trust preferred securities have been deemed eligible for investment by state-chartered financial institutions subject to the limitations indicated. This finding should not be construed as an endorsement of, or a recommendation to purchase or hold the securities. It simply represents a determination that investment in the listed securities is a legal investment subject to the stated conditions.
This finding should not be construed as an evaluation of the credit quality or determination of suitability for investment, individually or collectively, by investors. etermination of suitability should be made by management subsequent to a thorough review and analysis of available information after consideration of applicable bank policies and management objectives. Further, the Department's action is not a substitute for the review and analysis that should be performed by management in making its investment decision to purchase or to hold these securities. Any institution contemplating investment in the securities should take into consideration all of the risks associated with the particular issue and with trust preferred securities, in general. Consideration should be given to the operating history, creditworthiness and cash flow characteristics of the institution issuing these securities.
Community Financial Services, Inc,
30,000,000 Community Financial Services Trust I
Floating Rate Cumulative Trust Preferred Securities
Nexity Financial Corporation
$10,000 Nexity Capital Trust I
9% Trust Preferred Securities

Investment in the above securities is subject to the following conditions:

1.

Because the issue is not rated, the bank shall perform due diligence in

accordance with the following to determine suitability:

A. The bank shall perform a complete credit analysis, including cash flow projections, in order to determine whether or not the issuer is creditworthy and thus has the ability to meet the debt repayment schedule;

B. The bank shall make a determination as to whether or not the issue meets the credit underwriting criteria set forth by the bank's lending policies;

C. The bank shall make a determination as to the issue's marketability, that is, whether or not the issue may be sold with reasonable promptness at a price corresponding to its fair value;

D. Documentation supporting the purchase decision, in accordance with the aforementioned criteria, shall be in written form and maintained in the bank's files;

E. The bank shall perform a credit analysis, incorporating all of the aforementioned items, as listed in Paragraphs A through D of this section, on the issuer at least annually during the investment term;

F. In no event shall a non-rated issue be purchased if the credit analysis reveals that the issuer is not creditworthy or is unable to meet the debt repayment schedule.

2.

The bank shall obtain and monitor the securities' market values on an

ongoing basis;

3.

The bank's written policies and procedures shall adquately address the

various risks inherent in these securities including credit risk, price or

market risk, interest rate risk, and liquidity risk; and

4.

The bank's investment in each issuer of trust preferred securities shall not

exceed fifteen percent (15%) of the bank's statutory capital base. The

bank's aggregate investment in trust preferred securities shall not exceed

the bank's policy limits or 100% of the bank's staqtutory capital base,

whichever is less.

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