Department of Banking and Finance bulletin, Aug. 31, 2003

. . . .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/

August 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 August 2003.

IN THIS ISSUE: Eligible Investment Securities Fraudulent Cease and Desist Order

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APPLICATIONS FOR NEW FINANCIAL INSTITUTION

FINANCIAL INSTITUTION Northwest Bank & Trust 3891 Cobb Parkway Acworth, GA 30101 Cobb County

CAPITALIZATION APPROVAL DATE

$ 10,000,000

Pending

BEGIN BUSINESS DATE

Community Bank of Georgia 692 West Parker Street Baxley, GA 31513 Appling County

$ 5,500,000

08-01-2003

Oglethorpe Bank 3344 Cypress Mill Road Brunswick, GA 31520 Glynn County

$ 8,308,310

09-18-2002

08-26-2003

1st Georgia Banking Company 101 Main Street Franklin, GA 30217 Heard County

$ 14,000,000

Pending

American Trust Bank 880 Holcomb Bridge Road, Building C Roswell, GA 30076 Fulton County

$ 9,100,000

02-05-2003

08-11-2003

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 LaGrange, Troup County

APPROVAL DATE Pending

EFFECTIVE DATE

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION SunTrust Bank Atlanta

BRANCH OFFICE Ellard Village Branch Office 8390 Holcomb Bridge Road Alpharetta, GA 30022 Fulton County

APPROVAL DATE
01-30-2003

BEGIN BUSINESS
DATE
08-04-2003

SunTrust Bank Atlanta
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Broadlands Safeway In-Store Branch Office 43150 Broadlands Center Safeway Ashburn, VA 20148 Loudoun County

08-22-2003

FINANCIAL INSTITUTION BRANCH OFFICE

SunTrust Bank Atlanta

Vining Branch Office 4338 Paces Ferry Road Atlanta, GA 30339 Cobb County

SunTrust Bank Atlanta

South Brandon Branch Office Causeway Boulevard & East/West Collector Road Brandon, FL 33511 Hillsborough County

SunTrust Bank Atlanta

University Corner Branch Office 1022 West Main Street Charlottesville, VA 22903 Charlottesville County

SunTrust Bank Atlanta

Atlantic Woods Branch Office Atlantic Boulevard & Girvin Road Jacksonville, FL 32225 Duval County

SunTrust Bank Atlanta

Lansdowne Branch Office Riverside Parkway & Lansdowne Boulevard Leesburg, VA 20176 Loudoun County

SunTrust Bank Atlanta

Publix at Loganville Towne Center Branch Office 4325 Atlanta Highway Loganville, GA 30052 Walton County

SunTrust Bank Atlanta

Suwanee Creek Branch Office Lawrenceville-Suwanee Road and Satellite Boulevard Suwanee, GA 30024 Gwinnett County

SunTrust Bank Atlanta

Boyette Branch Office Boyette Road & McMullen Loop Road Tampa, FL 33614 Hillsborough County

Main Street Bank Covington

Buckhead Branch Office 3500 Lenox Road, Suite 1450/1470 Atlanta, GA 30326-4231 Fulton County

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APPROVAL DATE

BEGIN BUSINESS
DATE

08-12-2003

08-11-2003

06-16-2003 08-11-2003

08-11-2003

08-22-2003

08-12-2003

01-30-2003

08-25-2003

08-11-2003

03-06-2003

08-11-2003

FINANCIAL INSTITUTION Main Street Bank Covington

BRANCH OFFICE Galleria Branch Office Riverwood & Cobb Galleria Parkways Marietta, GA 30339 Cobb County

APPROVAL DATE
08-13-2003

BEGIN BUSINESS
DATE

1st Georgia Banking Company Franklin

Bremen Branch Office 102 Stone Bridge Boulevard Bremen, GA 30110 Haralson County

Pending

1st Georgia Banking Company Franklin

Carrollton Branch Office 100 Tom Reeves Drive Carrollton, GA 30117 Carroll County

Pending

Heritage Bank Jonesboro

860 Highway 20/81 West Branch Office 860 Highway 20/81 West McDonough, GA 30253 Henry County

05-06-2002 08-13-2003

Southern Heritage Bank Oakwood

Hall County Branch Office 206 West Academy Street Gainesville, GA 30501 Hall County

11-07-2002 08-04-2003

The Bank of Georgia Peachtree City

Tyrone Branch Office 1005 Tyrone Road Tyrone, GA 30290 Fayette County

02-26-2003 08-26-2003

First Chatham Bank Savannah

Telfair Square Branch Office 111 Barnard Street Savannah, GA 31402 Chatham County

Pending

FINANCIAL INSTITUTION SunTrust Bank Atlanta

APPLICATIONS TO CHANGE LOCATION

CHANGE LOCATION OF Daytona Branch Office From: 120 South Ridgewood Avenue Daytona Beach FL 32114 Volusia County To: 200 South Palmetto Avenue Daytona Beach FL 32114 Volusia County

APPROVAL DATE 08-22-2003

EFFECTIVE DATE

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FINANCIAL INSTITUTION Main Street Bank Covington

CHANGE LOCATION OF
From: 45 East Athens Street Winder GA 30680 Barrow County
To: 27 South Broad Street Winder GA 30680 Barrow County

APPROVAL DATE 08-01-2003

EFFECTIVE DATE

PROPOSED NAME Practicebank

APPLICATIONS FOR RESERVATION OF A NAME

COUNTY Fulton County

APPLICANT Ms. Rebecca Saferstein Smith, Gambrell & Russell, LLP 1230 Peachtree Street, NE Atlanta, GA 30309

Sea Island Credit Union

Glynn County

Mr. B R. Gibson, CEO Sea Island Employees Credit Union 703 Sea Island Road St. Simons Island, GA 31522

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 Piedmont Bancshares, Inc. Atlanta, GA

Piedmont Bank of Georgia Atlanta, GA

Pending

Freedom Bancshares, Inc. Commerce, GA

Freedom Bank of Georgia (IO) Commerce, GA

Pending

ACQUISITIONS Community Capital Bancshares, Inc. Albany, GA
Liberty Shares, Inc. Hinesville, GA

First Bank of Dothan, Inc. Dothan, AL
Cumberland National Bank St. Marys, GA

Pending 08-11-2003

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FINANCIAL INSTITUTION Golden Pantry Food Stores, Inc. Bogart, GA 30622

APPLICATIONS FOR NEW SALE OF CHECK
APPROVAL DATE 08-11-2003

EFFECTIVE DATE 08-11-2003

CITY Social Circle Atlanta Norcross Atlanta Columbus Gainesville Smyrna Chamblee Morrow

CHECK CASHER LICENSES ISSUED

APPLICANT NAME Circle City Check Cashing, Inc. Citizens Plaza, Inc. David T. Wright, LLC Impo-World, Inc. J's O. K. Grocery, Inc. KSMA, Inc. Masri Accounting & Tax Services, Inc. Mountain Shadow Holdings, Inc. Naina Enterprises, Inc.

TRADE NAME Circle City Check Cashing Citizen Mart Cash Now Denny's Super Save O. K. Grocery Kim's Check Cashing Instant Tax Refund S&S Bottle Shop Gateway Newstand

NOTICES:
Eligible Investment Securities
United Community Banks, Inc., Blairsville, Georgia Subordinated Step-Up Subordinated Note Offering
The Department has received an inquiry regarding the permissibility of the proposed subordinated note offering referenced above as an investment for state-chartered banks. The notes will bear a fixed rate of 6.25% until year seven, at which time, the interest rate increases to 7.50% and remains at that rate until maturity in September, 2015. The notes are callable in September of, 2010 and each September annually thereafter. They have a 12-year term, are not rated and are to be issued in an amount up to $35 million. Based upon a review of the draft term sheet and indenture, 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.
Fraudulent Cease and Desist Order
On August 12, 2003 the Department received notice that a fraudulent document was being circulated that alleged that American Mortgage Investors Corporation, 1270 Winchester Parkway, Smyrna, Georgia was the subject of a Cease and Desist Order and that this company was an entity unauthorized to do business in the State of Georgia.
Please be advised that this document is a fraudulent and unauthorized document and that it was not originated by the Department of Banking and Finance. The information contained in this document; that this entity is unauthorized to do business in the State of Georgia and that this entity is subject to a Cease and Desist Order is false. This entity is currently licensed to do business in the State of Georgia and is not subject to an administrative action in the form of a Cease and Desist Order.
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Fabrication of a false administrative action is a violation of civil and criminal statutes and the Department views such violations as a serious concern. Any individual with documentary evidence regarding the source of this fraudulent documentation is asked to contact the Department of Banking and Finance with this information. If there are any additional questions regarding these issues please contact Deputy Commissioner for Mortgage Rob Braswell at (770) 9861371 or via e-mail at robertb@dbf.state.ga.us.
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