Department of Banking and Finance bulletin, Sept. 30, 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.state.ga.us/dbf/
September 30, 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 September 2002.
IN THIS ISSUE:
Reminder - Georgia Fair Lending Act (GAFLA) Department Takes Possession of AmTrade International Bank of Georgia Eligible Investment Securities

APPLICATIONS FOR NEW FINANCIAL INSTITUTION

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

BEGIN BUSINESS

CAPITALIZATION APPROVAL DATE

DATE

$ 9,000,000

Pending

United Commercial Bank 5660 New Northside Drive, Suite 200 Atlanta, GA 30328 Fulton County

$ 10,407,750

11-20-2001

09-03-2002

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

$ 6,500,000

09-18-2002

Lanier Community Bank 4356 South Lee Street Buford, GA 30518 Gwinnett County

$ 10,000,000

Pending

Mountain State Bank NW Corner of 400 Center Drive & Dawson 400 Circle Dawsonville, GA 30534 Dawson County

$ 8,250,000

Pending

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

$ 7,500,000

Pending

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

$ 8,000,000

Pending

Community Bank of West Georgia 662 Highway 61 Villa Rica, GA 30180 Carroll County

$ 7,000,000

09-16-2002

APPLICATIONS FOR VOLUNTARY DISSOLUTION

FINANCIAL INSTITUTION AmTrade International Bank of Georgia Atlanta, GA 30309

APPROVAL DATE Bank is in Receivership Click here for further information

EFFECTIVE DATE

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION SunTrust Bank Atlanta

BRANCH OFFICE Sugar Hill Corners In-Store Branch 5885 Cumming Highway Buford, GA 30518 Gwinnett County

APPROVAL DATE
08-23-2002

Main Street Bank Covington

Mount Vernon Branch Office 1636 Mt. Vernon Road Dunwoody, GA 30338-4206 DeKalb County

09-24-2002

BEGIN BUSINESS DATE
09-19-2002

Mountain State Bank Dawsonville

Cumming Branch Office SW Corner of Bethelview Road & GA 9 Cumming, GA 30040 Forsyth County

Pending

Community Bank and Trust - Troup East Main Street Branch Office

LaGrange

410 East Main Street

Hogansville, GA 30230-1136

Troup County

09-16-2002

Community Bank and Trust - Troup Ingles #491 Branch Office

LaGrange

1890 East Main Street

Hogansville, GA 30230-2771

Troup County

09-17-2002

Community Bank of the South Smyrna

Canton Highway Branch Office 3324 Canton Highway Marietta, GA 30066 Cobb County

09-20-2002

FLAG Bank Vienna

Alpharetta Branch Office 3815 Mansell Road, Suite 100 Alpharetta, GA 30022 Fulton County

09-10-2002

FLAG Bank Vienna

Dunwoody Branch Office 1614 Mount Vernon Road Atlanta, GA 30338

09-10-2002

Fulton County

FINANCIAL INSTITUTION FLAG Bank Vienna

BRANCH OFFICE Powers Ferry Branch Office 5430 New Northside Drive, Suite 100 Atlanta, GA 30339 Fulton County

FLAG Bank Vienna
FLAG Bank Vienna
FLAG Bank Vienna

Sandy Springs Branch Office 227 Sandy Springs Place, NE, Suite L Atlanta, GA 30328 Fulton County
Johnson Ferry Branch Office 1111 Johnson Ferry Road, Suite 100 Marietta, GA 30068 Cobb County
Lassiter Branch Office 2863 Johnson Ferry Road, Building 100 Marietta, GA 30062 Cobb County

APPROVAL DATE
09-10-2002

BEGIN BUSINESS DATE

09-10-2002 09-10-2002 09-10-2002

APPLICATIONS TO CHANGE LOCATION

FINANCIAL INSTITUTION Community Trust Bank Hiram

CHANGE LOCATION OF Dallas Branch Office From: 100 Hardee Street Dallas GA 30132 Paulding County To: 276 Merchants Drive Dallas GA 30132 Paulding County

APPROVAL DATE 07-05-2001

EFFECTIVE DATE
09-09-2002

Bank of Upson Thomaston

North Creek Branch Office From: U.S. Highway 19 North
Thomaston GA 30286 Upson County To: 943 North Church Street Thomaston GA 30286 Upson County

07-11-2001

09-16-2002

APPLICATIONS FOR RESERVATION OF A NAME

PROPOSED NAME Georgia Commerce Bank

COUNTY Cobb County

APPLICANT Mr. Richard T. Hills, Attorney Womble Carlyle Sandridge & Rice 1201 West Peachtree Street, Suite 3500 Atlanta, GA 30309

Midtown Bank & Trust Company

Fulton County

Ms. Jeannie B. Osborne, Paralegal Powell Goldstein Frazer & Murphy 191 Peachtree Street, NE Atlanta, GA 30303-1783

Mountain Heritage Bank

Rabun County

Mr. Bob Calvert, Principal Calvert Consulting Post Office Box 768711 Roswell, GA 30076

FINANCIAL INSTITUTION (SURVIVOR) Citizens Trust Bank
Atlanta

FINANCIAL INSTITUTION MERGERS
MERGED INSTITUTION Citizens Federal Savings Bank Birmingham, AL

APPROVAL EFFECTIVE

DATE

DATE

Pending

United Community Bank Blairsville

United Community Bank West Georgia Carrollton

Pending

United Community Bank Blairsville

United Community Bank North Georgia Blue Ridge

Pending

United Community Bank Blairsville

United Community Bank Towns County Hiawassee

Pending

United Community Bank Blairsville

United Community Bank White County Cleveland

Pending

United Community Bank Blairsville

United Community Bank Rabun County Clayton

Pending

United Community Bank Blairsville

United Community Bank Dawson County Dawsonville

Pending

United Community Bank Blairsville

United Community Bank Metro Marietta

Pending

Main Street Bank Covington

First National Bank of Johns Creek Suwanee

Pending

FINANCIAL INSTITUTION (SURVIVOR) Farmers and Merchants Bank
Lakeland

MERGED INSTITUTION The United Banking Company Nashville

APPROVAL EFFECTIVE

DATE

DATE

Rescinded

09-26-2002

First Bank of Gwinnett Lawrenceville

Embry Bank Lawrenceville

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 Generations Bancshares, Inc. Blairsville, GA

Generations Bank (In Organization) Blairsville, GA

MCB Financial Group, Inc. Carrollton, GA

McIntosh Commercial Bank (In Organization) Carrollton, GA

First Citizens Bancorporation of South Carolina, Inc. Citizens Bank

Columbia, SC

Warrenton, GA

Frontier National Corporation Sylacauga, AL

Frontier National Bank La Grange, GA

09-30-2002
09-09-2002
09-30-2002
09-19-2002 (After the Fact)

ACQUISITIONS Synovus Financial Corp. Columbus, GA
NW Services Corporation Ringgold, GA

United Financial Holdings, Inc. St. Petersburg, FL
The Bank of Sharon Sharon, TN

Pending 09-27-2002

CITY College Park Dalton Jonesboro Dalton Pelham Mableton

CHECK CASHER LICENSES ISSUED

APPLICANT NAME CAN-AM, INC. Espinoza, Marco A. Johnson, Besong S. La Hidalguense, Inc. Majth Management, LLC Ro, Eun Sik

TRADE NAME College Park Chevron La Michoacouna and Discoteca Besong Financial La Hidalguense Majth Management Century Cellular & Check Cashing

NOTICES
Reminder - Georgia Fair Lending Act (GAFLA)
The Georgia Fair Lending Act (HB 1361) became effective on October 1, 2002. This law has a significant impact on Georgia residential mortgage lending and brokering activities. You are strongly encouraged to review the questions and answer database, located on the web at www.state.ga.us/dbf/publications.html#GAFLA , that has been compiled from questions submitted by industry licensees and other professionals. If you would like to submit additional questions, please send them to gafla@dbf.state.ga.us.

Department Takes Possession of AmTrade International Bank of Georgia, Atlanta, Georgia

On September 30, 2002, the Department took possession of the business and property of AmTrade International Bank of Georgia and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver under O.C.G.A. 7-1-150 et. seq. Please visit the Department's website and follow the link in our scrollbox to the Department's official press release or go directly to: http://www.ganet.org/dbf/pdfdoc/AmTradePR9-2002.pdf.

The FDIC's official press release may be found at
The Federal Reserve Board's official press release may be found at www.federalreserve.gov/boarddocs/press/enforcement/2002/20020930.

www.fdic.gov/news/news/press/2002/pr10002 .

Eligible Investment Securities
United Community Banks, Inc., Blairsville, Georgia Series 2002 Fixed Rate Subordinated Note Offering
The Department has received an inquiry regarding the permissibility of the subordinated note offering referenced above as an investment for state-chartered banks. The notes are fixed rate, have a 10-year term, are not rated and are to be issued in an amount up to $25 million, although the indenture provides that the series may be reopened for the issue of up to $15 million in additional notes. Based upon a review of the draft term sheet, it has been determined that state-chartered banks may invest in the notes in an amount not to exceed 15% of the bank's Statutory Capital Base, pursuant to Departmental Rule 80-1-4-.01(1)(e) or Rule 80-1-4-.01(8). If investment is made pursuant to Rule 80-10-4-.01(8), this notice shall serve as the prior approval required for investment. Each institution should contact their primary federal regulator in order to determine that agency's requirements in regard to this investment.
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 institution contemplating investment in these notes should take into consideration all of the risks.

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