Department of Banking and Finance bulletin, July 31, 2002

. . . .BULLETIN. . . .BULLETIN. . . .BULLETIN. . . .BULLETIN. . . .
STATE OF GEORGIA

DEPARTMENT OF BANKING AND FINANCE
2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565
DAVID G. SORRELL, ACTING COMMISSIONER

Phone: (770) 986-1633

Fax: (770) 986-1655

Internet Address: http://www.gadbf.org/
July 31, 2002 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 July 2002.
In This Issue:
Georgia Fair Lending Act - Questions and Answers (Q&A) Eligible Investment Securities

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APPLICATIONS FOR NEW FINANCIAL INSTITUTION

FINANCIAL INSTITUTION Neighbors Bank 2320 Old Milton Parkway Alpharetta, GA 30004 Fulton County

CAPITALIZATION APPROVAL DATE

$ 9,000,000

Pending

BEGIN BUSINESS DATE

Oglethorpe Bank 3024 Cypress Mill Road Brunswick, GA 31525 Glynn County

$ 6,000,000

Pending

McIntosh Commercial Bank 820 Dixie Street Carrollton, GA 30117 Carroll County

$ 10,000,000

07-01-2002

First Commerce Community Bank 9464 Highway 5 Douglasville, GA 30135 Douglas County

$ 7,500,000

Pending

Piedmont Community Bank 110 Highway 18 Connector Gray, GA 31032 Jones County

$ 7,783,400

01-09-2002

07-22-2002

American Trust Bank 300 Colonial Center Parkway, Suite 150 Roswell, GA 30076 Fulton County

$ 8,000,000

Pending

Community Bank of West Georgia Highway 61, 1 mile South of intersection of Hwy 61 Villa Rica, GA 30180 Carroll County

$ 7,000,000

Pending

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APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION SunTrust Bank
Atlanta

BRANCH OFFICE Forest Drive Branch Office (f/k/a Annapolis Safeway Branch Office) 1780 Forest Drive Annapolis, MD 21401 Anne Arundel County

APPROVAL DATE
08-03-2001

BEGIN BUSINESS
DATE
09-17-2001

SunTrust Bank Atlanta

Burke Center Safeway In-Store Branch Office 5727 Burke Center Burke, VA 22015 Fairfax County

09-07-2001 07-01-2002

Habersham Bank Clarkesville

Braselton Branch Office State Highway 211 Braselton, GA 30517 Gwinnett County

07-01-2002

Columbus Bank and Trust Company Columbus

Milgen Road Branch Office 6480 Milgen Road Columbus, GA 31907 Muscogee County

04-03-2002 07-08-2002

Newnan Coweta Bank Newnan

Lagrange and Greenville Street Branch Office 38 Lagrange Street Newnan, GA 30263 Coweta County

07-22-2002

Security Bank of Houston County Perry

Highway 96 Branch Office 871 Warren Drive Warner Robins, GA 31088 Houston County

07-17-2002

Farmers and Merchants Community Bank Senoia

Newnan Branch Office 16 East Broad Street Newnan, GA 30263 Coweta County

07-02-2002

Sea Island Bank Statesboro

Metter Branch Office 180 South Leroy Street Metter, GA 30439 Candler County

03-28-2002 07-05-2002

The Park Avenue Bank Valdosta

Hall County Branch Office 4058 Continental Drive Oakwood, GA 30566 Hall County

01-29-2002 07-08-2002

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FINANCIAL INSTITUTION SunTrust Bank Atlanta

APPLICATIONS TO CHANGE LOCATION

From: To:

CHANGE LOCATION OF Clarendon Branch Office 3040 Clarendon Boulevard Arlington VA 22201 Arlington County 2121 N. 15th Street Arlington VA 22216 Arlington County

APPROVAL DATE
Pending

EFFECTIVE DATE

SunTrust Bank Atlanta

From: To:

Stonebridge (Oconee) Branch Office 1351 Stonebridge Pkwy, Suite 104B Watkinsville GA 30677 Oconee County Experiment Station Road Branch Office 2061 Experiment Station Road Watkinsville GA 30677 Oconee County

06-20-2002

07-22-2002

Bank of Hiawassee Hiawassee

From: To:

Blairsville Branch Office 337 Brookwood Drive Blairsville GA 30512 Union County 10 Highway 515 Blairsville GA 30512 Union County

04-24-2001

07-15-2002

PROPOSED NAME GB&T Interim Bank

APPLICATIONS FOR RESERVATION OF A NAME

COUNTY Carroll County

APPLICANT Mr. Samuel L. Oliver Attorney at Law Hulsey, Oliver & Mahar, LLP 200 E. E. Butler Parkway Gainesville, GA 30503

Local Bank of Middle Georgia

Houston County

Mr. Robert M. Moler Financial Solutions 2965 Flowers Road, Suite 112 Atlanta, GA 30341

Mountain State Bank

Dawson County

Mr. Brent H. Baker, Sr. Bankers Capital 1450 Johnson Ferry Road, Suite 200 Atlanta, GA 30319

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FINANCIAL INSTITUTION (SURVIVOR) First State Bank of Blakely Blakely

FINANCIAL INSTITUTION MERGERS
MERGED INSTITUTION First State Bank of Donalsonville Donalsonville

APPROVAL DATE
Pending

EFFECTIVE DATE

Ft. McPherson Credit Union Ft. McPherson

East Point Municipal Employees Credit Union East Point

05-09-2002 07-01-2002

First Bank of Gwinnett Lawrenceville

Embry Bank Lawrenceville

Pending

RBC Centura Bank Rocky Mount

Tucker Federal Bank Tucker

06-06-2002 07-22-2002

RBC Centura Bank Rocky Mount

Eagle Bancshares, Inc. Tucker

06-06-2002 07-22-2002

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

BANK HOLDING COMPANY Wheeler Bancshares, Inc. Alamo, GA

FORMATIONS ONLY
TO ACQUIRE Wheeler County State Bank Alamo, GA

APPROVAL DATE Pending

UCB Financial Group, Inc. Atlanta, GA

United Commercial Bank (In Organization) Atlanta, GA

07-17-2002

Generations Bancshares, Inc. Blairsville, GA

Generations Bank (In Organization) Blairsville, GA

Pending

MCB Financial Group, Inc. Carrollton, GA

McIntosh Commercial Bank (In Organization) Carrollton, GA

Pending

APPLICATIONS FOR NEW SALE OF CHECK

FINANCIAL INSTITUTION GroupEx Financial Corporation La Mirada, CA 90630-6009

APPROVAL DATE 07-30-2002

EFFECTIVE DATE 07-30-2002

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CITY Brunswick Forest Park Atlanta Alpharetta

CHECK CASHER LICENSES ISSUED

APPLICANT NAME Fast Green Backs, Inc. Magic Financial Services, Inc. Narmeen Enterprise, Inc. Trebor Holdings, LLC

TRADE NAME Fast Green Backs, Inc. Magic Check Cashing Cash Mart CHECKPRO

NOTICES
GEORGIA FAIR LENDING ACT QUESTIONS AND ANSWERS (Q&A)
The Governor signed the Georgia Fair Lending Act (HB 1361) into law on April 22, 2002. The law is effective October 1, 2002 and affects all lenders and brokers who make home loans in Georgia. You may send comments concerning this law by e-mail to gafla@dbf.state.ga.us or by regular mail or fax.
The Department has compiled the second version (as of 7/30/2002) of the Q&A on the Georgia Fair Lending Act from the correspondence received to date. The Q&A is available in both MS Word and Adobe PDF and is posted on the Department's site at: http://www.state.ga.us/dbf/publications.html#GAFLA.
ELIGIBLE INVESTMENT SECURITIES
The Georgia Corporate Tax Credit Fund II, a Limited Partnership
The Department has received an inquiry from Boston Capital Corporation regarding the permissibility of The Georgia Corporate Tax Credit Fund II, a Limited Partnership, as an investment for state-chartered banks. An affiliate of Boston Capital Holdings Limited Partnership, BCGATC Associates, Inc., serves as the general partner for this fund. Based upon a review of the Offering Memorandum and accompanying materials, it has been determined that state-chartered banks may invest in the fund in an amount not to exceed 15% of the bank's Statutory Capital Base, pursuant to Official Code of Georgia (O.C.G.A.)7-1-288(c)(4). Each institution should contact their primary federal regulator in order to determine that agency's requirements in regard to this fund. Institutions choosing to invest via the Installment or Standard Cash Method should remain aware of the need to comply with borrowing restrictions established by O.C.G.A.7-1-291.
This finding should not be construed as an evaluation of the credit quality or determination of suitability for investment, individually or collectively, by investors. Determination of suitability should be made by the management of each institution subsequent to a thorough review and analysis of available information and after consideration of applicable bank policies and management objectives. Further, the Department's action is not a substitute for the review and analysis which should be performed by management in making its decision to purchase or to hold this investment. Any
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institution contemplating investment in this fund should take into consideration all of the risks. BACK TO TOP
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