. . . .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. Back to Top