Department of Banking and Finance bulletin, Nov. 30, 2004

. . . .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
November 30, 2004 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 November 2004.
IN THIS ISSUE: One Georgia Authority Prudential Savings & Credit Union - Entity Unauthorized to do Business as a Credit Union in Georgia FDIC Starts Online Invoices FFIEC Offers Software Newly Operative Provisions of the FACT Act 2005 Holiday Schedule
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APPLICATIONS FOR NEW FINANCIAL INSTITUTION

FINANCIAL INSTITUTION Hometown Community Bank 6700 Highway 53 Braselton, GA 30517 Jackson County

CAPITALIZATION APPROVAL DATE

$ 7,500,000

Pending

BEGIN BUSINESS DATE

Georgia Trust Bank 2725 Mall of Georgia Boulevard Buford, GA 30519 Gwinnett County

$ 10,000,000

11-05-2004

First Madison Bank & Trust 5536 Georgia Highway 72 Colbert, GA 30628 Madison County

$ 6,000,000

Pending

Peach State Bank & Trust 325 Washington Street Gainesville, GA 30501 Hall County

$ 12,000,000

Pending

American Southern Bank 1450 Mansell Road Roswell, GA 30076 Fulton County

$ 8,000,000

Pending

APPLICATIONS FOR DISSOLUTION

FINANCIAL INSTITUTION The Business Development Corporation of Georgia, Inc. Atlanta, GA 30319

APPROVAL DATE EFFECTIVE DATE

11-05-2004

11-19-2004

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION Dorsey State Bank Abbeville

BRANCH OFFICE McDonough Branch Office Ga Highway 20 & Westridge Parkway McDonough, GA 30253 Henry County

APPROVAL DATE
Pending

BEGIN BUSINESS
DATE

SunTrust Bank Atlanta

Ashburn Center Branch Office 43975 Pipeline Plaza Ashburn, VA 20147 Loudoun County

08-23-2004

11-01-2004

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FINANCIAL INSTITUTION SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
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BRANCH OFFICE State Road 70 Wal-Mart Branch Office 2911 53rd Avenue East Bradenton, FL 34203 Manatee County
Charlottesville Pantops Branch Office 1900 Abbey Road Charlottesville, VA 22911 Albemarle County
Fayetteville Branch Office State Road & Ellis Road Fayetteville, GA 30214 Fayette County
Cool Springs East Branch Office 731 Cool Springs Boulevard Franklin, TN 37064 Williamson County
Six Mile Cypress & U.S. 41 Wal-Mart Branch Office 14621 Six Mile Cypress Highway Ft. Myers, FL 33912 Lee County
Lovejoy Wal-Mart Branch Office 11449 Tara Boulevard Hampton, GA 30228 Henry County
McDonough West Branch Office 942 Highway 81 East McDonough, GA 30253 Henry County
North Ft. Myers Wal-Mart Branch Office 545 Pine Island Road North Ft. Myers, FL 33903 Lee County
West College Park Branch Office 2250 North Orange Blossom Trail Orlando, FL 32804-4801 Orange County
Cave Springs Kroger In-Store Branch Office 3971 Brambleton Avenue South Roanoke, VA 24018 Roanoke County

APPROVAL DATE
10-18-2004

BEGIN BUSINESS
DATE
11-17-2004

11-18-2004

08-20-2004

11-08-2004

10-29-2004

11-29-2004

10-18-2004

11-17-2004

11-22-2004

08-20-2004

11-01-2004

10-18-2004

11-17-2004

08-16-2004

11-22-2004

Pending

FINANCIAL INSTITUTION SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
Seasons Bank Blairsville
Georgia Trust Bank (IO) Buford
Freedom Bank of Georgia Commerce
The Citizens Bank of Forsyth County Cumming
The Peoples Bank Lithonia
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BRANCH OFFICE Watercolor Crossings Branch Office Walton County Road 395 & East Lake Drive Sea Grove Beach, FL 32459 Walton County
Carillon Branch Office 130 Fountain Parkway, North St. Petersburg, FL 33716 Pinellas County
St. Petersburg Wal-Mart Branch Office 3501 34th Street St. Petersburg, FL 33716 Pinellas County
Southwood Branch Office Capital Circle, State Road 261 & Blairstone Tallahassee, FL 32311 Leon County
Bells Ferry & Eagle Drive Wal-Mart Branch Office 6435 Bells Ferry Road Woodstock, GA 30189 Cherokee County
Blue Ridge Branch Office 2517 Appalachian Highway Blue Ridge, GA 30513 Fannin County
Kennesaw Branch Office 3401 George Busbee Parkway Kennesaw, GA 30144 Cobb County
Jefferson Branch Office 1057 Winder Highway Jefferson, GA 30549 Jackson County
Canton Branch Office 11950 Cumming Highway Canton, GA 30115 Cherokee County
Covington Branch Office 6124 Highway 278, SE Covington, GA 30016 Newton County

APPROVAL DATE
11-05-2004

BEGIN BUSINESS
DATE

Pending

Pending

11-05-2004

11-22-2004

11-12-2004

11-05-2004

Pending

12-15-2003

11-01-2004

09-28-2004

11-01-2004

FINANCIAL INSTITUTION New Southern Bank Macon
Security Exchange Bank Marietta

BRANCH OFFICE Houston Lake Branch Office 464 South Houston Lake Road Warner Robins, GA 31088-6306 Houston County
Cobb Parkway Branch Office 1220 Cobb Parkway North Marietta, GA 30062 Cobb County

APPROVAL DATE
11-19-2004

BEGIN BUSINESS
DATE

11-30-2004

The Bank of Georgia Peachtree City

Fairburn Branch Office 8410 Senoia Road Fairburn, GA 30213 Fulton County

01-06-2004

11-01-2004

Bank of Upson Thomaston

Fayetteville Branch Office 600 North Glynn Street Fayetteville, GA 30214 Fayette County

05-13-2004

11-13-2004

FINANCIAL INSTITUTION SunTrust Bank Atlanta

APPLICATIONS TO CHANGE LOCATION

CHANGE LOCATION OF Lookout Mountain Branch Office From: 802 Scenic Highway Lookout Mountain TN 37350 Hamilton County To: 800 Scenic Highway Lookout Mountain TN 37350 Hamilton County

APPROVAL DATE 10-29-2004

EFFECTIVE DATE 11-08-2004

PREVIOUS NAME Peoples Community Bank Colquitt

NOTICE OF CHANGE IN NAME
NEW NAME PCB, The Community Bank

APPROVAL EFFECTIVE

DATE

DATE

Pending

PROPOSED NAME Bank of Atlanta

APPLICATIONS FOR RESERVATION OF A NAME

COUNTY Fulton County

APPLICANT Robert D. Klingler, Esq. Powell Goldstein LLP 191 Peachtree Street, NE, 16th Floor Atlanta, GA 30303

Capstone Bank

Walton County

Mr. Byron Richardson, Principal BankResources, Inc. 1000 Whitlock Ave, Suite 320, Box 101 Marietta, GA 30064

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PROPOSED NAME Cornerstone Bank of Georgia

COUNTY Walton County

APPLICANT Mr. Byron Richardson, Principal BankResources, Inc. 1000 Whitlock Ave, Suite 320, Box 101 Marietta, GA 30064

Soque Bank & Trust

Habersham County

Mr. Bryon Richardson, Principal BankResources, Inc. 100 Whitlock Ave, Suite 320, Box 101 Marietta, GA 30064

FINANCIAL INSTITUTION (SURVIVOR) Atlanta Postal Credit Union
Atlanta

FINANCIAL INSTITUTION MERGERS
MERGED INSTITUTION #1 Federal Credit Union Jonesboro

APPROVAL EFFECTIVE

DATE

DATE

09-30-2004 11-01-2004

United Community Bank Blairsville

Eagle National Bank Stockbridge

10-27-2004 11-01-2004

United Community Bank Blairsville

Liberty National Bank Conyers

Pending

Peoples Community Bank Colquitt

Peoples Community Bank Columbia, AL

Pending

Peoples Community Bank Colquitt

PCB, The Community Bank Malone, FL

Pending

First Citizens Bank and Trust Company, Inc. Columbia, SC

Citizens Bank Warrenton

11-05-2004 11-19-2004

Crescent Bank and Trust Company Jasper

Futurus Bank, N. A. Alpharetta

Pending

WellStar Credit Union Marietta

MedCom Federal Credit Union Decatur

11-02-2004

GE Capital Consumer Card Co. Mason, OH
First Capital Bank Norcross

Monogram Credit Card Bank of Georgia Alpharetta, GA
Chattahoochee National Bank Alpharetta

Pending 11-04-2004 11-15-2004

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 Heritage Financial Group Albany, GA

HeritageBank of the South Albany, GA

Pending

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BANK HOLDING COMPANY Heritage, MHC Albany, GA

TO ACQUIRE Heritage Financial Group Albany, GA

APPROVAL DATE Pending

Enterprise Banking Company, Inc. Stockbridge, GA

Dorsey State Bank Abbeville, GA

Pending

ACQUISITIONS Synovus Financial Corp. Columbus, GA
GB&T Bancshares, Inc. Gainesville, GA

Cohutta Banking Company of Tennessee (IO) Chattanooga, TN
First National Bank of Gwinnett Duluth, GA

Pending 11-30-2004

CITY Barnesville LaGrange Cartersville Douglasville Fairburn Doraville

CHECK CASHER LICENSES ISSUED

APPLICANT NAME Bryce-Emory, Inc. Grajales, Luis E Mahone, Walter Key * Park's Package, Inc. * TW Partnership * ZMA Enterprise, Inc.

TRADE NAME Giant Mart Foods Grajales Restrepo Cartersville Beverage Park's Check Cashing Select Package & Best Mart Amoco Food Mart

* =Registered Exempt (O.C.G.A. 7-1-709)

MONEY TRANSMITTER
Nguyen, Hai Minh Clarkston, GA

MONEY TRANSMITTER LICENSES ISSUED
APPROVAL DATE 11-04-2004

MoneyExpress Financial Corp. Coral Gables, FL

11-23-2004

Certegy Transaction Services, Inc. St. Petersburg, FL

11-30-2004

NOTICES
One Georgia Authority
We have received indications that a number of banks, primarily in rural areas of the state, have been contacted by the One Georgia Authority about participating in a Public/Private loan program that would feature a guarantee provided by the authority. While the details of this program are still under development it appears that these projects subject to the requirements of the program could provide a lender with a guarantee of 50% of the loan amount, as proposed. The following is an outline of the authority, its statutory purposes and general guidelines of its programs. For additional details, it is recommended that you check out their website at www.onegeorgia.org.
The One Georgia Authority was established in 2000 to assist Tier 1 and Tier 2 Counties in Georgia (economically disadvantaged areas) in economic development and in the creation of employment opportunities. The authority is funded by a substantial allocation of the tobacco settlement funds received by the State of Georgia. The enabling
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statutes for this program are contained in O.C.G. A. 50-34-1 through 50-34-18. The Authority has three primary programs:
z The EDGE fund to provide financial assistance to applicants that are being considered as a relocation or expansion site in competition with another State.
z The Equity fund to provide assistance through grants or loans for eligible applications for projects that provide for economic development, increased employment opportunities or meet other program goals.
z The E-911 Fund to assist applicants in providing enhanced 911 emergency services for their county or regional area.
Eligible participants are cities, counties, government authorities and similar entities. Private businesses cannot be direct participants, although they can be secondary participants through lease or resale of these projects.
Funding limits are $500,000 per project for the Equity Fund and no project limits for the EDGE fund.
Other program limitations and rules and examples of funded projects are available at the site listed above. It would be anticipated that this program could serve as an enhancement for certain development projects in a community. For instance, if a county or a county development authority wished to construct a speculative commercial business location in an industrial park, it might approach a financial institution in the community, along with the One Georgia Authority, and this loan guarantee could improve the potential viability of such a project. The bank should review the project, the proposed business plans for the site, the loan underwriting and risk assessment and make a business decision considering all these factors, including the existence of the guarantee, in determining whether to make the loan. It would also be appropriate to periodically assess the financial condition of the authority, since it is this entity and not the state of Georgia that would be providing this guarantee (see 54-34-7(c)). The substantial funding provided to the authority through the tobacco settlement funding does provide financial substance to a guarantee issued by the authority. The procedural details of this program are still being finalized. For additional details regarding this program, you may wish to contact Nancy Cobb, the Executive Director of the One Georgia Authority. If you have any additional questions for the Department regarding this program, contact Senior Deputy Commissioner George A. Reynolds at (770) 986-1629 or by e-mail at reynolds@dbf.state.ga.us.
Prudential Savings & Credit Union - Entity Unauthorized to do Business as a Credit Union in Georgia
Be advised that "Prudential Savings & Credit Union" (Prudential) which allegedly has a mailing address of 626 Mansell Road, Suite 420, Alpharetta, GA 30004 is not a credit union authorized to do business in the State of Georgia. Effective November 30, 2004, a Cease and Desist Order was issued against this entity directing them to do the following:
z Prudential shall immediately cease indicating in any internet website, marketing materials, signage, correspondence, or legal documentation that could reach Georgia consumers that it is a credit union, and that it is authorized to do business in Georgia.
z Prudential shall cease using the name "Credit Union", "Bank", "Banking Company", "Banker", "Banking House" or any similar terminology in the above materials, in reference to activities conducted in the State of Georgia.
z Prudential shall not conduct a banking business unless it demonstrates that it is authorized to conduct a banking business in accordance with the provisions of federal or state law. O.C.G.A. Section 7-1-241 specifies that only a state chartered bank, a national bank, a federally chartered thrift, credit union or other agency otherwise authorized by Georgia Law may do a banking business in this state.
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z Prudential shall not provide financial products or services to the citizens of this State by any delivery system, to include the internet, or other electronic access to financial products or services or alternative methods of delivery which differ from geographically based banking without the authorization of the Georgia Department of Banking and Finance, pursuant to O.C.G.A. Section 7-1-241(c).
z If Prudential is a credit union chartered or licensed in a foreign country, this foreign corporation shall not transact a banking business or maintain an office in this State for carrying on such business or any part thereof without the authorization of this activity by the Department in accordance with Section 7-1-713 of the Code of Georgia.
If any Georgia citizen believes that this entity has violated any provisions of the Cease and Desist Order after the effective date of the Order (November 30, 2004) 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.
To read more about this Cease and Desist Order, go to the Special Bulletins section on the Department's website at: http://www.ganet.org/dbf/bulletins.html
Newly Operative Provisions of the FACT Act
Be aware that a number of provisions of Fair and Accurate Credit Transactions Act of 2003, better known as the FACT Act that may impact financial institution have an effective date of December 1, 2004. These following provisions have this effective date, except as otherwise noted:
Section 112 Fraud Alerts and Active Duty Alerts
The Act provides for consumers to require a fraud notice or active duty military notice to be attached to their credit report if they believe they were or may be a victim of ID theft or are on active military duty. The law requires credit reporting agencies to develop and implement reasonable requirements for what consumer must provide to identify themselves for this process.
Section 113 Truncation of Credit/Debit Card Numbers
Requires that anyone that accepts debit/credit cards from printing anything but the last five digits of the card number. Effective date 1/01/04 for machines currently in use.
Section 115 Truncation of Social Security Numbers
At the request of a consumer, a credit reporting agency must truncate the first five digits of the social security or other identity numbers when providing a copy of the credit report.
Section 155 Notice by Third Party Debt Collectors with Respect to Fraudulent Information
Third party debt collectors that are notified by consumers that debt may be the result of identify theft must notify the creditor of this information
Section 212( c) Disclosure of Credit Scores/Notice to Home Loan Applicants
Lenders are required to provide a copy of the credit score furnished by the reporting agency and a Notice to Home Loan Applicants that explains the use of the credit score and contact information for concerns with the score or questions about the terms of the loan.
Section 154 Duties of Furnishers Upon Notice of ID Theft Related Information 9

Lenders must have reasonable procedures in place to prevent re-pollution of credit reports, having been notified of the ID Theft.
Section 217(b) Reporting Negative Information to a Credit Bureau
Financial Institutions must provide disclosures notifying consumers that the institution has or will furnish negative information to a credit bureau.
It is recommended that banks and credit unions review their policies and procedures to make certain that these requirements have been properly implemented.
FDIC Starts Online Invoices
Starting with the March 2005 invoices, FDIC will require financial institutions to obtain their assessment invoices online through FDICconnect under a rule changed announced on Nov. 24. Under the new rules, correct certified statements will not be signed and returned to FDIC. Each quarter, FDIC will inform institutions via e-mail that quarterly assessment invoices are available for downloading. If an institution agrees with its quarterly certified statement invoice, it will pay the assessment amount and retain the invoice in its own files. If the bank disagrees with the quarterly certified statement invoice, it will pay the assessment amount and either amend its Report of Condition or similar report or amend its quarterly certified statement invoice and return it to FDIC. Institutions that are not signed up for FDICconnect should do so by Jan. 31, 2005, the agency said. Read more:
http://www.fdic.gov/news/news/financial/2004/fil12504.html#body
FFIEC Offers Software
The Federal Financial Institutions Examination Council (FFIEC) is offering free updates to its Community Reinvestment Act and Home Mortgage Disclosure Act data entry software. The software is available for downloading from FFIEC's Web site and includes 2004 Census income data classifications. Read more http://www.ffiec.gov/crahmdacf/default2.cfm
2005 HOLIDAY SCHEDULE
In accordance with O.C.G.A. 1-4-1, Governor Sonny Perdue proclaimed the following dates as public and legal state holidays for the year 2005. Financial Institutions may observe both the official observance day as well as alternative observances indicated. In addition to these designated dates, financial institutions may close on Sunday and one discretionary day each week. If the discretionary day observed is changed permanently or temporarily, customer notice must be posted at least 30 days in advance.
For 2005, the Governor has proclaimed that the legal holiday for Washington's Birthday is Tuesday, February 22nd, to be observed on Tuesday, December 27th. Please note, however, that the federal holiday always falls on the third Monday in February, which is February 21st. This notice will serve to clarify that financial institutions may close in observance of Washington's Birthday on February 21st or February 22nd, or on both dates. This also holds true for the New Year's Day holiday, which is being observed on Monday January 3rd for the state and Friday December 31, 2004 for the federal government. Financial institutions should post a notification in offices being affected, indicating the days that the institution will be closed.
2004
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Veterans' Day Thanksgiving Day (Alternate observance of Lee's Birthday) Christmas Day (Will be observed) (Alternate observance of Washington's Birthday)

Thursday, November 11 Thursday, November 25 Friday, November 26 Saturday, December 25 Friday, December 24 Thursday, December 23

2005

New Year's Day Martin Luther King, Jr.'s Birthday (Will be observed) Robert E. Lee's Birthday (Will be observed) Washington's Birthday (Will be observed) Confederate Memorial Day Memorial Day Independence Day Labor Day Columbus Day Veterans' Day Thanksgiving Day (Alternate observance of Lee's Birthday) Christmas Day (Will be observed) (Alternate observance of Washington's Birthday)

Monday, January 3 Saturday, January 15 Monday, January 17 Monday, January 19 Friday, November 25 Tuesday, February 22 Tuesday, December 27 Monday, April 25 Monday, May 30 Monday, July 4 Monday, September 5 Monday, October 10 Friday, November 11 Thursday, November 24 Friday, November 25 Sunday, December 25 Monday, December 26 Tuesday, December 27

EMERGENCY CLOSINGS
As the winter months approach, all financial institutions are reminded that current regulations provide for management to exercise its own discretion, with notification to the Department, in closing any institution for one business day (renewal for successive days) upon its determination that the safety of customers, employees or assets would be in jeopardy due to civil disorder, fire, acts of God, or utility failure or similar circumstances which render the institution unable to conduct business in a safe and sound manner. Such closings should be communicated to the Department by telephone, mail or fax as soon as transmission is feasible.

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