. . . .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 1 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 2 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 3 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 4 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 5 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 6 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. 7 BACK TO TOP 8