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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/
June 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 June 2004.
In This Issue:
Notice Regarding Guidance on Single Premium Credit Related Insurance on Mortgage Loans Important Announcement for Georgia State-Chartered Credit Unions Money Service Businesses - Overview & BSA/AML Issues for Financial Institutions Reminder Regarding Distribution of Department Bulletins, Notices, and Important Announcements to Regulated Financial Institutions
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APPLICATIONS FOR NEW FINANCIAL INSTITUTION
FINANCIAL INSTITUTION Hamilton State Bank 6323 Grand Hickory Drive Suite 100-G Braselton, GA 30517 Gwinnett County
CAPITALIZATION APPROVAL DATE
$ 10,000,000
Pending
BEGIN BUSINESS DATE
Georgia Trust Bank 2685 Mall of Georgia Boulevard Buford, GA 30519 Gwinnett County
$ 10,000,000
Pending
American United Bank 1800 Old Norcross Road Lawrenceville, GA 30044 Gwinnett County
$ 10,000,000
Pending
State Bank and Trust Company 321 Fullington Avenue Pinehurst, GA 31070 Dooly County
$ 7,000,000
Pending
Community Bank of Rockmart 1400 Nathan Dean Parkway Rockmart, GA 30153 Polk County
$ 6,000,000
Pending
Tifton Banking Company 729 West Second Street Tifton, GA 31974 Tift County
$ 7,000,000
06-14-2004
Local Bank of Middle Georgia 306-308 North Davis Drive Warner Robins, GA 31093 Houston County
PREVIOUS NAME HeritageBank of the South
$ 7,000,000
06-28-2004
FINANCIAL INSTITUTION CONVERSIONS
CONVERTED TO HeritageBank of the South
APPROVAL DATE Pending
Albany
Dougherty County
EFFECTIVE DATE
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PREVIOUS NAME The Gordon Bank
CONVERTED TO The Gordon Bank Gordon Wilkinson County
APPROVAL DATE 06-23-2004
EFFECTIVE DATE
APPLICATIONS TO ESTABLISH A BRANCH OFFICE
FINANCIAL INSTITUTION Integrity Bank Alpharetta
BRANCH OFFICE Cobb Branch Office 1650 Cumberland Parkway
APPROVAL DATE
04-14-2003
Smyrna, GA 30080
Cobb County
BEGIN BUSINESS DATE
06-21-2004
Flag Bank Atlanta
Glenda Trace Branch Office 90 Glenda Trace, Suite M Atlanta, GA 30265 Fulton County
06-07-2004
SunTrust Bank Atlanta
Acworth Branch Office 3340 Cobb Parkway Acworth, GA 30101 Cobb County
06-23-2004
SunTrust Bank Atlanta
Kent Square Branch Office 220 South Main Street Blacksburg, VA 24060 Montgomery County
Pending
SunTrust Bank Atlanta
Julington Creek Branch Office 2730 Race Track Road Jacksonville, FL 32259 Duval County
06-21-2004
SunTrust Bank Atlanta
La Plata Safeway Branch Office 40 Shining Willow Way La Plata, MD 20646 Charles County
06-18-2004
SunTrust Bank Atlanta
The Villages of Sumter Branch Office 2365 Parr Drive The Villages, FL 32162 Sumter County
06-21-2004
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FINANCIAL INSTITUTION SunTrust Bank Atlanta
Hamilton State Bank (I.O.) Braselton
Georgia Trust Bank (I.O.) Buford
Community Bank & Trust Cornelia
Main Street Bank Covington
Douglas County Bank Douglasville
Farmers & Merchants Bank Eatonton
Southern Community Bank Fayetteville
BRANCH OFFICE James Wood Branch Office 1738 Amherst Street Winchester, VA 22601 Frederick County
Hall County Branch Office 441-A E. E. Butler Parkway Gainesville, GA 30501 Hall County
Kennesaw Branch Office 3401 George Busbee Parkway Kennesaw, GA 30144 Cobb County
BancoLatino Branch Office 1216 Aviation Boulevard Suite 116 Gainesville, GA 30501 Hall County
Crossville Road Branch Office 525 East Crossville Road Roswell, GA 30075-3034 Fulton County
Dallas Branch Office 519 Hardee Street Dallas, GA 30132 Paulding County
Lake Oconee Parkway Branch Office 1011 Lake Oconee Parkway, NE Eatonton, GA 31024 Putnam County
Kroger Store #413 Branch Office 10375 Tara Boulevard Jonesboro, GA 30236 Clayton County
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APPROVAL DATE
Pending
BEGIN BUSINESS DATE
Pending
Pending
12-09-2003
06-04-2004
02-21-2003
06-14-2004
03-24-2004
06-01-2004
06-08-2004
10-09-2003
06-21-2004
FINANCIAL INSTITUTION SunTrust Bank Atlanta
APPLICATIONS TO CHANGE LOCATION
CHANGE LOCATION OF Rouse Tower Branch Office From: 6060 Jefferson Avenue Newport News VA 23666 To: New Market South Branch Office 5211 West Mercury Boulevard Hampton VA 23605
APPROVAL DATE EFFECTIVE DATE
06-03-2004
06-14-2004
Appalachian Community Bank Ellijay
Blue Ridge Branch Office From: 2835 Scenic Drive
Blue Ridge GA 30513 Fannin County To: 150 Orvin Lance Connector Blue Ridge GA 30513 Fannin County
06-14-2004
PROPOSED NAME Alcovy Banking Company
APPLICATIONS FOR RESERVATION OF A NAME
COUNTY Walton County
APPLICANT Mr. John B. Kline Principal
Mauldin & Jenkins, LLC
P. O. Box 724888
Atlanta, GA 31139-1888
Enterprise State Bank
FINANCIAL INSTITUTION (SURVIVOR) Bank of North Georgia Alpharetta
Wilcox County
Mr. Michael N. White Attorney Martin Snow, LLP P. O. Box 1606 Macon, GA 31202
FINANCIAL INSTITUTION MERGERS
MERGED INSTITUTION Mountain National Bank Tucker
APPROVAL DATE
06-25-2004
EFFECTIVE DATE
Bank of North Georgia Alpharetta
Charter Bank & Trust Co. Marietta
06-25-2004
Atlanta City Employees Credit Union Atlanta
Wheat Street Church Federal Credit Union Atlanta
06-15-2004
Georgia Federal Credit Union Atlanta
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Educator's Credit Union Athens
06-09-2004
FINANCIAL INSTITUTION (SURVIVOR) United Community Bank
Blairsville
MERGED INSTITUTION 1st Community Bank Fairburn
APPROVAL DATE
05-27-2004
EFFECTIVE DATE
06-01-2004
Gainesville Bank & Trust Gainesville
Lumpkin County Bank Dahlonega
Pending
Gainesville Bank & Trust Gainesville
Southern Heritage Bank Oakwood
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
06-28-2004
PCNB Bancshares, Inc. Bremen, GA
Peoples Community National Bank (IO) Bremen, GA
Pending
Flint River Bancshares, Inc. Camilla, GA
Flint River National Bank (IO) Camilla, GA
06-09-2004
NSB Holdings, Inc. Macon, GA
New Southern Bank Macon, GA
06-09-2004
ACQUISITIONS SunTrust Banks, Inc. Atlanta, GA
National Commerce Financial Corporation Memphis, TN
Pending
ABC Bancorp Moultrie, GA
Citizens Bank Wakulla Crawfordville, FL
Pending
Upson Bankshares, Inc. Thomaston, GA
CITY Loganville Lawrenceville Kennesaw Decatur Garden City Atlanta
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The First National Bank of Polk County Cedartown, GA
06-08-2004
CHECK CASHER LICENSES ISSUED
APPLICANT NAME Choi, Jae-Wang EK Financial Services, LLC JDW Financial Services, Inc. Lakewood Avenue Pawn Shop, Inc. Port City Pawn Shop, Inc. Premium Enterprise, Inc.
TRADE NAME EZ Check Cash EK Financial Services JDW Financial Services, Inc. Candler Road Pawn Shop Port City Pawn Buy Low Supermarket
MONEY TRANSMITTER
ITC Financial Licenses, Inc. West Point, GA
MONEY TRANSMITTER LICENSES ISSUED
APPROVAL DATE 06-09-2004
NOTICES
Notice Regarding Guidance on Single Premium Credit Related Insurance on Mortgage Loans
The Department issued guidance on October 3, 2003 regarding the avoidance of predatory or abusive mortgage lending practices. Included in these guidelines were certain guidelines related to the use of single premium credit related insurance on mortgage loans. It was indicated in this guidance that the Department would reassess our position on this product by June 30, 2004.
It was our observation that certain structural barriers to the use of monthly payment products were in place, including data processing impediments and insurance regulatory restrictions on the use of monthly payment products on balloon payment loans. These structural barriers remain in place and will continue to be monitored.
The guidelines established in our Memorandum of October 3, 2003 will continue to remain in place, until further notice. Banks that offer this product should continue to follow the best practices outlined in our Memorandum and should comply with the provisions of HOEPA in offering this product to bank customers.
These guidelines do not constitute an endorsement of this product by the Department of Banking and Finance. We do note from our conversations with financial institution management that customers continue to request these products in cases where alternative products may not be available to the customer due to underwriting and other issues.
If there are any questions concerning these issues, please contact Senior Deputy Commissioner George A. Reynolds at (770) 986-1629.
Important Announcement for Georgia State-Chartered Credit Unions
On June 11, 2004, the Department issued an important announcement that applies to Georgia state-chartered credit unions' fields of membership. The announcement and the related Attorney General Opinion can be found on the Department's website at: http://www.gadbf.org/pdfdoc/CUAnnouncement6112004.pdf.
Money Service Businesses - Overview & BSA/AML Issues for Financial Institutions
The Department has made available on its website an MS PowerPoint presentation that provides the following information:
z Discusses the Department's responsibilities for supervising and licensing certain Money Service Businesses (MSBs) - i.e. check cashers, check sellers, and money transmitters.
z Provides an overview of the Georgia laws & regulations governing MSBs. z Discusses how financial institutions can assist the Department through their assessment of risk and enhanced
due diligence activities. z Provides general guidance in regards to assessing these types of customers. 7
The presentation can be found on the Department's website at: http://www.gadbf.org/docs/MSBPresentation2004.ppt.
Reminder Regarding Distribution of Department Bulletins, Notices, and Important Announcements to Regulated Financial Institutions
Because the Department's bulletins, notices and important announcement are only sent out electronically, it is very important that the Department obtains and keeps current e-mail addresses on the financial institutions it regulates so that this information can be communicated timely and efficiently. E-mail addresses would also be utilized in the event that the Department has to invoke its Business Resumption / Disaster Recovery Plan. E-mail addresses are obtained for the sole purpose of communicating with regulated institutions not for sharing outside of the Department. If you have not already provided the Department with a current and valid e-mail address for monthly bulletin alerts, special bulletins, and other important announcements, please e-mail the Corporate Division at DBFCORP@dbf.state.ga.us and provide your institution's name, city, state, e-mail address, and a phone number at which you can be contacted. BACK TO TOP
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