. . . .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 1 of 7 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 2 of 7 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 3 of 7 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 4 of 7 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 5 of 7 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 6 of 7 institution contemplating investment in this fund should take into consideration all of the risks. BACK TO TOP 7 of 7