. . . .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. Back to Top