. . . .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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