. . . .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 February 29, 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 February 2004. IN THIS ISSUE: Interagency Guidance Regarding Accounting for Deferred Compensation Agreements and Bank Owned Life Insurance Financial Services Information Sharing and Analysis Center (FSISAC) 1 APPLICATIONS FOR NEW FINANCIAL INSTITUTION FINANCIAL INSTITUTION Freedom Bank of Georgia 3165 Maysville Road Commerce, GA 30329 Jackson County CAPITALIZATION $ 7,543,996 APPROVAL DATE 07-01-2003 BEGIN BUSINESS DATE 02-17 -2004 American United Bank 1800 Old Norcross Road Lawrenceville, GA 30044 Gwinnett County $ 10,000,000 Pending Highland Commercial Bank 3411 Ernest Barrett Parkway, NW Marietta, GA 30064 Cobb County $ 10,000,000 02-02-2004 Local Bank of Middle Georgia 306-308 North Davis Drive Warner Robins, GA 31093 Houston County $ 7,000,000 Pending APPLICATIONS TO ESTABLISH A BRANCH OFFICE FINANCIAL INSTITUTION Integrity Bank Alpharetta BRANCH OFFICE South Forsyth Branch Office Highway 141 and Mathis Airport Road APPROVAL DATE 02 -17-2004 Cumming, GA 30041 Forsyth County Capitol City Bank & Trust Company Savannah Branch Office Atlanta 339 Martin Luther King Boulevard Savannah, GA 31401 Chatham SunTrust Bank Arundel Mills Safeway Branch Office Atlanta 7648 Arundel Mills Boulevard Hanover, MD 21076 Ann Arundel County 12 -10-2002 02 -09-2004 BEGIN BUSINESS DATE 01-30-2004 SunTrust Bank Atlanta Lake Nona Branch Office 10536 Moss Park Road Orlando, FL 32832 Orange County 11 -17-2003 02-23-2004 SunTrust Bank Atlanta 13th and U Streets Branch Office 1250 U Street NW Washington, DC 20009 02 -20-2004 United Community Bank Blairsville Joe Frank Harris Parkway Branch Office 1320 Joe Frank Harris Parkway Cartersville, GA 30120 Bartow County 11 -01-2002 02-02-2004 2 FINANCIAL INSTITUTION United Community Bank Blairsville BRANCH OFFICE Savannah Branch Office 24 Drayton Street, Suite 102 Savannah, GA 31401 Chatham County Main Street Bank Covington Peachtree Street Branch Office 1355 Peachtree Street, NE, Suite 100 Atlanta, GA 30309 Fulton County Decatur First Bank Decatur WalMart Store Branch Office #1340 5401 Fairington Road Lithonia, GA 30038 DeKalb County The Peachtree Bank Duluth Roswell Branch Office 695 Mansell Road, Suite 110 Roswell, GA 30076 Fulton County The Heritage Bank Hinesville Altama Connector Branch Office 150 Altama Connector Brunswick, GA 31525 Glynn County The Heritage Bank Hinesville Statesboro Branch Office 730 Northside Drive East Statesboro, GA 30458 Bulloch County Crescent Bank and Trust Company Jasper Midway Branch Office 5395 Highway 9 Alpharetta, GA 30004 Forsyth County Georgia State Bank Mableton Atlanta Street Branch Office 31 Atlanta Street Marietta, GA 30660-1977 Cobb County Rivoli Bank & Trust Macon Bass Road Branch Office 1551 Bass Road Macon, GA 31210 Bibb County Georgian Bank Powder Springs City View Cumberland Boulevard Branch Office 3330 Cumberland Boulevard, Suite 625 Atlanta, GA 30339 Cobb County APPROVAL DATE 02 -20-2004 BEGIN BUSINESS DATE 02 -04-2004 02 -19-2004 09 -09-2003 01-26-2004 02 -24-2004 11 -21-2003 02-09-2004 Pending 02 -06-2004 02 -11-2004 02 -13-2004 3 FINANCIAL INSTITUTION Georgian Bank Powder Springs BRANCH OFFICE Prominence in Buckhead Branch Office 3475 Piedmont Road, Suite 400 Atlanta, GA 30305 Fulton County APPROVAL DATE 02 -13-2004 BEGIN BUSINESS DATE Georgian Bank Powder Springs Corporate Lakes Office Park Branch Office 1255 Lakes Parkway, Suite 100 Lawrenceville, GA 30043 Gwinnett County 02 -13-2004 Altamaha Bank and Trust Company Vidalia Downtown Branch Office Uvalda 206 Jackson Street Vidalia, GA 30474 Toombs County 02 -13-2003 06-17-2003 United Bank Zebulon Madison Branch Office 1690 Eatonton Highway Madison, GA 30650 Morgan County 10 -08-2003 02-09-2004 FINANCIAL INSTITUTION Bank of North Georgia Alpharetta APPLICATIONS TO CHANGE LOCATION From: To: CHANGE LOCATION OF Roswell Branch Office 1184 Alpharetta Street Roswell GA 30075 Fulton County 10445 Alpharetta Highway Roswell GA 30075 Fulton County APPROVAL DATE 02-20-2004 EFFECTIVE DATE PROPOSED NAME Hamilton Bank and Trust APPLICATIONS FOR RESERVATION OF A NAME COUNTY Gwinnett County APPLICANT Mr. Brent H. Baker, President Brent Baker, Inc. Post Office Box 2669 Cumming, GA 30028 Tifton Banking Company Tift County Mr. John B. Kline, Principal Mauldin & Jenkins, LLC Post Office Box 724888 Atlanta, GA 31139 FINANCIAL INSTITUTION (SURVIVOR) The Prudential Savings Bank, FSB Atlanta FINANCIAL INSTITUTION MERGERS MERGED INSTITUTION The Prudential Bank & Trust Company Atlanta APPROVAL DATE Pending EFFECTIVE DATE Southwest Georgia Bank Moultrie 4 Sylvester Banking Company Sylvester 02 -24 -2004 02-27 -2004 FINANCIAL INSTITUTION (SURVIVOR) Associated Credit Union Norcross MERGED INSTITUTION Atlanta Kemba Federal Credit Union Atlanta APPROVAL DATE 02 -05 -2004 EFFECTIVE DATE 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 Bainbridge Bancshares, Inc. Bainbridge, GA First National Bank of Decatur County (IO) Bainbridge, GA 02-18-2004 CBB Bancorp Cartersville, GA Century Bank of Bartow County Cartersville, GA 02-27-2004 Allied Bancshares, Inc. Cumming, GA First National Bank of Forsyth County (IO) Cumming, GA 02-24-2004 New Horizons Bancshares, Inc. East Ellijay, GA New Horizons Bank (IO) East Ellijay, GA Pending ACQUISITIONS CNB Holdings, Inc. Alpharetta, GA First Capital Bank Norcross, GA 02-27-2004 Synovus Financial Corp. Columbus, GA Trust One Bank Memphis, TN Pending Southwest Georgia Financial Corporation Moultrie, GA Sylvester Banking Company Sylvester, GA 02-03-2004 Prudential IBH Holdco, Inc. Newark, NJ CIGNA Bank & Trust Company, FSB Hartford, CT 02-25-2004 CITY Augusta Marietta Louisville Rome Cochran Rome Dublin Mableton Atlanta Forest Park CHECK CASHER LICENSES ISSUED APPLICANT NAME AJN Choi, Inc. ALK Corporation Blocker's Speedy, Inc. CWO Enterprises, Inc. Hetal, Inc. Mo Money Fast, Inc. Patel, Kamleshbhai, B. Rumba Latina Music & Video, Inc. Song Trading, Inc. Ukani Brothers, Inc. TRADE NAME Kissingbower Liquor Store Mink's Package Store Blocker's Package Shop Warehouse Beverage Center Hetal, Inc. MoMoney Fast One Stop Package Shop Rumba Latina Music & Video Shopper's Market Quick Stop Food Mart 5 MONEY TRANSMITTER VN USA Enterprises, Inc. Doraville, GA Unitransfer Georgia, Inc. Hollywood, FL Trans-Fast Remittance, Inc. New York, NY MONEY TRANSMITTER LICENSES ISSUED APPROVAL DATE 02 -16 -2004 02 -10 -2004 02 -10 -2004 NOTICES Interagency Guidance issued regarding Accounting for Deferred Compensation Agreements and Bank Owned Life Insurance Georgia state chartered banks should be advised that joint interagency guidance was issued on February 11, 2004 by the Federal Reserve, the FDIC, the OCC and the OTS regarding accounting for deferred compensation agreements and bank owned life insurance (BOLI). The FDIC issued FIL-16-2004 based on this guidance. It has been noted that a number of financial institutions are incorrectly accounting for their obligations under deferred compensation agreements often referred to revenue neutral or indexed retirement plans. The benefits under these plans are typically based on the performance of BOLI policies on bank employees. It has been noted that a number of financial institutions have failed to follow the requirements of Generally Accepted Accounting Principals (GAAP) regarding these accounts. It is recommended that banks that utilize deferred compensation agreements based on BOLI products review the interagency guidance that has been formulated on this subject and also consult with their CPA's to assure that proper accounting treatment has been accorded to these accounts and to assure that changes do not need to be made to the bank's balance sheet and income statements for current or prior periods. If such changes are made the bank should make certain that call report filings are amended where applicable. This link can be accessed at the FDIC website at the following address: http://www.fdic.gov/news/news/financial/2004/fil1604.html The Department of Banking and Finance has issued guidance to financial institutions regarding the purchase of BOLI, which includes a number of safety and soundness requirements, including a requirement to follow GAAP. The Department's guidance is located on Page 47 of the Department's Statement of Policies, which can be accessed at: http://www.gadbf.org/pdfdoc/statpoli.pdf If there are any questions regarding these issues, please contact Deputy Commissioner for Supervision Grace M. Lurry at (770) 986-1646. Financial Services Information Sharing and Analysis Center (FSISAC) The FSISAC is a not for profit organization formed in 1999 to serve the needs of the financial services industry for the dissemination of physical and cyber security threat, vulnerability, incident, and solution information. The FSISAC offers eligible participants the ability to anonymously share physical and cyber security information. Following September 11, 2001, the FSISAC realized that it needed to reach more sector participants. The FSISAC has been redesigned to provide five levels of service according to members' needs. These range from basic membership, which is free , to tiered levels of membership that provide value-added services for annual fees. Treasury funds programs that will enable the FSISAC to enhance security awareness for all financial services institutions. Expanded and enhanced FSISAC services will include providing members with secure collaboration , additional feeds for threats and vulnerabilities, alert confirmation, new analytical capabilities, and metrics. 6 About the Financial Services ISAC What is an ISAC? An ISAC (Information Sharing and Analysis Center) comprises a secure database, analytic tools, and information gathering and distribution facilities designed to allow authorized individuals to submit either anonymous or attributed reports about information security threats, vulnerabilities, incidents and solutions. ISAC members also have access to information and analysis relating to information provided by other members and obtained from other sources, such as US Government and law enforcement agencies, technology providers and security associations. The Financial Services ISAC (FSISAC) is exclusively for, and designed by, professionals in the banking, securities and insurance industries. No US Government agency, regulator or law enforcement agency can access the FSISAC. For information about becoming a member of the FSISAC or to learn more, visit their website at: http://www.fsisac.com/ BACK TO TOP 7