. . . .BULLETIN. . . .BULLETIN. . . .BULLETIN. . . .BULLETIN. . . .
STATE OF GEORGIA
DEPARTMENT OF BANKING AND FINANCE
2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565
DAVID G. SORRELL, COMMISSIONER
Phone: (770) 986-1633
Fax: (770) 986-1655
Internet Address: http://www.gadbf.org/
July 31, 2003
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 2003.
IN THIS ISSUE:
NOTICE OF FINAL RULEMAKING EFFECTIVE AUGUST 17, 2003
ATTORNEY GENERAL OFFICIAL OPINION 2003-8 DATED JULY 31, 2003
ZURICH CREDIT UNION - ENTITY UNAUTHORIZED TO DO BUSINESS IN THE STATE OF GEORGIA
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APPLICATIONS FOR NEW FINANCIAL INSTITUTION
FINANCIAL INSTITUTION Northwest Bank & Trust
CAPITALIZATION APPROVAL DATE BEGIN BUSINESS
$ 10,000,000
Pending
3891 Cobb Parkway
Acworth, GA 30101
Cobb County
Georgia Commerce Bank 3625 Cumberland Boulevard, SE, Building 2 Atlanta, GA 30339 Cobb County
$ 12,000,000
12-09-2002
07-01-2003
Community Bank of Georgia 692 West Parker Street Baxley, GA 31513 Appling County
$ 5,500,000
Pending
Mountain Heritage Bank US Highway 441S and US Highway 76E Clayton, GA 30525 Rabun County
$ 8,500,000
07-03-2003
Freedom Bank of Georgia 3165 Maysville Road Commerce, GA 30329 Jackson County
$ 7,500,000
07-01-2003
1st Georgia Banking Company 101 Main Street Franklin, GA 30217 Heard County
$ 14,000,000
Pending
Local Bank of Middle Georgia 532-550 North Davis Drive Warner Robins, GA 31093 Houston County
$ 6,000,000
Pending
FINANCIAL INSTITUTION CONVERSIONS
PREVIOUS NAME Frontier Bank, National Association
CONVERTED TO Frontier Bank
APPROVAL DATE Pending
LaGrange
Troup County
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EFFECTIVE DATE
APPLICATIONS TO ESTABLISH A BRANCH OFFICE
FINANCIAL INSTITUTION Integrity Bank Alpharetta
BRANCH OFFICE Roswell Branch Office 900 Woodstock Road
APPROVAL DATE
05-31-2002
Roswell, GA 30075
Fulton County
BEGIN BUSINESS DATE
07-14-2003
SunTrust Bank Atlanta
Gateway Village Safeway Branch Office 2635 Housley Road Annapolis, MD 21401 Anne Arundel County
06-04-2002
06-19-2002
SunTrust Bank Atlanta
Greenspring Branch Office 2825 Smith Avenue Baltimore, MD 21209 Baltimore County
04-10-2003
07-21-2003
SunTrust Bank Atlanta
South Brandon Branch Office Causeway Boulevard & East/West Collector Road Brandon, FL 33511 Hillsborough County
Pending
SunTrust Bank Atlanta
Smith Mountain Lake Kroger In-Store Branch Office 80 Westlake Road Hardy, VA 24101 Franklin County
07-07-2003
SunTrust Bank Atlanta
Hunt Valley Branch Office 124 Shawan Road Hunt Valley, MD 21030 Baltimore County
03-31-2003
07-07-2003
SunTrust Bank Atlanta
Atlantic Woods Branch Office Atlantic Boulevard & Girvin Road Jacksonville, FL 32225 Duval County
Pending
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FINANCIAL INSTITUTION SunTrust Bank Atlanta
BRANCH OFFICE Perry Hall Square Branch Office 4310 Ebenezer Road
Perry Hall, MD 21236 Baltimore County
SunTrust Bank Atlanta
Fallsgrove Safeway In-Store Branch Office 14939 Shady Grove Road Rockville, MD 20850 Montgomery County
SunTrust Bank Atlanta
Boyette Branch Office Boyette Road & McMullen Loop Road Tampa, FL 33614 Hillsborough County
SunTrust Bank Atlanta
Harbour Island Branch Office 800 South Harbour Island Boulevard Tampa, FL 33602 Hillsborough County
SunTrust Bank Atlanta
Towne Lake Branch Office 1450 Towne Lake Parkway Woodstock, GA 30189 Cherokee County
Community Bank & Trust Cornelia
Kroger Store #416 Branch Office 7380 Spout Springs Road Flowery Branch, GA 30542 Hall County
First Bank of Dalton Dalton
Cleveland Highway Branch Office 2518 Cleveland Highway, Suite 15 Dalton, GA 30721 Whitfield County
1st Georgia Banking Company Franklin
Bremen Branch Office 102 Stone Bridge Boulevard Bremen, GA 30110 Haralson County
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APPROVAL DATE
04-29-2003
BEGIN BUSINESS DATE
07-01-2003
06-25-2002
10-02-2002
Pending
07-17-2003
01-30-2003
07-07-2003
05-20-2003
07-17-2003
04-09-2003
07-21-2003
Pending
FINANCIAL INSTITUTION 1st Georgia Banking Company
Franklin
BRANCH OFFICE Carrollton Branch Office 100 Tom Reeves Drive Carrollton, GA 30117 Carroll County
APPROVAL DATE
Pending
BEGIN BUSINESS DATE
Talbot State Bank Woodland
Fayetteville Branch Office 710 North Glynn Street Fayetteville, GA 30214 Fayette County
05-15-2003
07-01-2003
FINANCIAL INSTITUTION SunTrust Bank
Atlanta
APPLICATIONS TO CHANGE LOCATION
CHANGE LOCATION OF Plaza East Branch Office From: 500 Main Plaza East Norfolk VA 23510 To: 150 West Main Street Norfolk VA 23510
APPROVAL DATE 07-17-2003
EFFECTIVE DATE
The Peachtree Bank Duluth
Sugar Hill Branch Office From: 1400 Buford Highway, Suite E-4
Sugar Hill GA 30518 Gwinnett County To: Lawrenceville Branch Office 185 Gwinnett Drive Lawrenceville GA 30045 Gwinnett County
04-09-2003
07-21-2003
APPLICATIONS FOR RESERVATION OF A NAME
PROPOSED NAME First Cherokee Bank and Trust Company
COUNTY Cherokee County
APPLICANT Mr. Gary Pannell Miller, Hamilton, Snider
100 Colony Square, Suite 1920
Atlanta, GA 30361
Frontier Bank
Troup County
Steven J. Eisen, Esq Baker, Donelson, Bearman 211 Commerce Street, Suite 1000 Nashville, TN 37201
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FINANCIAL INSTITUTION (SURVIVOR) The Heritage Bank
Hinesville
FINANCIAL INSTITUTION MERGERS
MERGED INSTITUTION Cumberland National Bank St. Marys
APPROVAL EFFECTIVE
DATE
DATE
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
Alapaha Holding Company Alapaha, GA
Bank of Alapaha Alapaha, GA
07-10-2003
Cornerstone Bancshares, Inc. Atlanta, GA
CornerstoneBank Atlanta, GA
07-10-2003
Piedmont Bancshares, Inc. Atlanta, GA
Piedmont Bank of Georgia Atlanta, GA
Pending
ACQUISITIONS
GB&T Bancshares, Inc. Gainesville, GA
First National Bank of the South Milledgeville, GA
07-14-2003
Liberty Shares, Inc. Hinesville, GA
Cumberland National Bank St. Marys, GA
Pending
APPLICATIONS FOR NEW SALE OF CHECK
FINANCIAL INSTITUTION
Golden Pantry Food Stores, Inc.
APPROVAL DATE Pending
EFFECTIVE DATE
Bogart, GA 30622
CHECK CASHER LICENSES ISSUED
CITY Dublin
Atlanta
APPLICANT NAME A&A Package Shop, Inc.
CashWorks, Inc.
TRADE NAME Bob's Package Shop
CashWorks
Duluth
Chang, Jung Seo
J Food Mart
Acworth
Chon, Young Duk
S&H Mart/Citgo Gas
Clarkston Atlanta
Conwell William, LLC Culberson Enterprises, Inc.
Check Pointe Blair Village Pawn Shop
Savannah
Frawley, Mitchell O'Neal
Adler's Package Shop
Atlanta Conyers
HM Global, Inc. Kim, Myung Sick
G.O. Grocery Max General
Atlanta
P & K Investment Group, Inc.
Little 5 Points Package Store
Forest Park
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Star Check Cashing, Inc.
Star Check Cashing
NOTICES
NOTICE OF FINAL RULEMAKING EFFECTIVE AUGUST 17, 2003
On June 16, 2003, the Department of Banking and Finance published a notice of proposed rulemaking to state its intent to adopt new and amended rules and to provide interested parties the opportunity to comment on the proposed rulemaking. The comment period ended July 21, 2003. The changes are primarily in response to law changes in the Department's Housekeeping Bill, Senate Bill 78, which was signed by the Governor on June 4, 2003 and effective on July 1, 2003.
Notice is hereby given that pursuant to the authority granted to it in O.C.G.A. 7-1-61 and 7-1-1012, and others, and according to the provisions of the Georgia Administrative Procedures Act, O.C.G.A. 50-13-1 et. seq., the rules of the Department of Banking and Finance have been finally adopted on July 28, 2003. They were filed with the Secretary of State on July 28, 2003, and will be effective August 17, 2003.
You may view or download a copy of the final rules from our website at: http://www.gadbf.org/pdfdoc/FinalRules072803.pdf
ATTORNEY GENERAL OFFICIAL OPINION 2003-8 DATED JULY 31, 2003
On July 31, 2003, Attorney General Thurbert E. Baker issued an official opinion concerning whether or not an origination fee charged to a borrower on a non real estate loan of under $3,000 is considered to be interest. The opinion concluded that an origination fee will not be prepaid interest, provided it is not based on the time value of money, but rather the lender is providing a service for which the charge is assessed and provided the charge bears a reasonable relationship to the cost of providing the service. This answer was in response to one of a series of questions posed to the Attorney General by this Department. Other answers expected soon include a question about overdraft protection programs.
Go to the Attorney General's website to review the opinion in its entirety: http://www.state.ga.us/ago/read.cgi?searchval=origination%20fee&openval=03-8
ZURICH CREDIT UNION - ENTITY UNAUTHORIZED TO DO BUSINESS IN THE STATE OF GEORGIA
Be advised that ZURICH CREDIT UNION (Zurich) which allegedly has an address of 905 Hays Mill Road, Carrollton, GA is not a credit union authorized to do business in the State of Georgia. Effective August 1, 2003, a Cease and Desist Order was issued against this entity directing them to do the following:
1. Immediately cease indicating in any Internet website, marketing materials, signage, correspondence or legal documentation that
could reach Georgia consumers that this entity is a credit union and that it is authorized to do business in the State of Georgia.
2. Cease using the term "Credit Union", "Bank", "Banker", "Banking House" or any similar terminology in reference to activities
conducted in the State of Georgia.
3. Zurich shall not provide financial products or services to the citizens of this State by any delivery system, to include the Internet,
or other electronic methods of delivery.
4. If Zurich Credit Union is a credit union licensed or chartered in a foreign country, it may not transact a banking business or
maintain an office in this State without the authorization of the Department of Banking and Finance in accordance with Section 71-713 of the Code of Georgia.
5. Representatives of this entity shall respond to the Department by not later than August 5, 2003 indicating the actions taken to
comply with the provisions of this Order.
If any Georgia Citizens believe that this entity has violated any provisions of the Cease and Desist Order after the effective date of the Order (August 1, 2003) you are encouraged to contact the Department in writing at: 2990 Brandywine Road, Suite 200, Atlanta, GA 30341-5565. Please direct these inquiries and any other questions concerning these issues to Deputy Commissioner for Supervision Grace M. Lurry.
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