Financial institutions today, Apr. 30, 2005

FI

Dept. of Banking and Finance 2990 Brandywine Road, Suit 200
Atlanta, GA 30341-5564 (770) 986-1633 Phone
(770) 986-1655 Fax http://www.gadbf.org David G. Sorrell, Commissioner

financial institutionS today
news about all dbf regulated entities

April 30, 2005

Monthly Bulletin #4

Interagency Interpretative Guidance Issued by FinCEN and Federal Banking Agencies
On April 26, 2005, the Financial Crimes Enforcement Network (FinCEN) issued the following items of interest regarding Money Services Businesses (MSBs):
Joint News Release from FinCEN and the Federal Banking Agencies on Guidance and Advisory Issued on Banking Services for Money Services Businesses Operating in the United States.
FinCEN, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, issued today interpretive guidance setting forth the minimum steps that banking organizations should take when providing banking services to money services businesses.

In this Issue:
o Interagency Interpretative Guidance Issued by FinCEN and Federal Banking Agencies
o Department Guidance on Definition of MSBs Federal Registration versus State Licensing/Registration
o The Department of Banking and Finance Receives Proclamation from Fulton County expressing their appreciation for the department's efforts toward fair lending

FinCEN has issued a concurrent advisory to money services businesses to emphasize their Bank Secrecy Act regulatory obligations and to notify them of the types of information that they will be expected to produce to a banking organization in the course of opening or maintaining account relationships.

Statement of William J. Fox, Director, before the United States Senate Committee on Banking, Housing and Urban Affairs, April 26, 2005.

These pronouncements can be found on the Department's website at: http://www.gadbf.org/pdfdoc/FinCEN_InteragencyNewsRelease_04262005.pdf

Department Guidance on Definition of MSBs Federal Registration versus State Licensing/Registration
The Department has made available a document titled "Money Services Businesses: Federal Definitions and State Licensing / Registration Requirements" which is provided as a general guide for determining: (1) if financial institution customers are Money Services Businesses (MSBs) as defined by the Bank Secrecy Act (BSA), and (2) whether or not such businesses must be licensed or registered with the Georgia Department of Banking and Finance.
This document can be found on the Department's website at: http://www.gadbf.org/docs/MSBDefinitionsIssues.doc
The above referenced document in no way attempts to clarify the Bank Secrecy Act requirements and supervisory expectations as applied to accounts opened or maintained for MSBs.
It is not the position of the Department that financial institutions should cease doing business with MSBs due to BSA risk. We do recognize that some MSBs may have a higher risk profile relative to anti-money laundering and BSA concerns and that additional due diligence will be required on such entities to demonstrate that a financial institution has complied with its BSA responsibilities. MSBs must comply with applicable federal and state law. Financial institutions should seek assurances from and verification of such compliance. This may require a financial institution to factor these requirements into the fee structure for such businesses.
The Department of Banking and Finance Receives Proclamation from Fulton County
The Fulton County Board of Commissioners issued the Department of Banking and Finance (DBF) a Proclamation expressing their appreciation for the department's efforts toward fair housing. Atlanta, GA, April 28, 2005: The Fulton County Board of Commissioners presented DBF with a proclamation honoring and thanking the department for its support in addressing issues of fair lending in the community. The department's activities in addressing issues of fair lending include:
a risk based examination program that is focused on determining compliance with consumer protection and fair lending laws
outreach to community and consumer groups regarding financial literacy and prevention of financial fraud
serving as a resource for handling consumer complaints on mortgage lenders and brokers
working administratively and in cooperation with law enforcement to fight mortgage fraud in the State of Georgia
If you have any questions regarding whether a particular program appears to be legitimate or if you wish to check on the licensing status of a particular company, please contact the Department at (770) 986-1633.
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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 April 2005.

FINANCIAL INSTITUTION Northside Bank 7741 Adairsville Highway Adairsville, GA 30103 Bartow County

APPLICATIONS FOR NEW FINANCIAL INSTITUTION

CAPITALIZATION APPROVAL DATE

$ 10,000,000

04-11-2005

BEGIN BUSINESS DATE

Flint Community Bank Corner of Meredyth & Pointe North Albany, GA 31707 Dougherty County

$ 9,500,000

Pending

Sentry State Bank 245 Perimeter Center Parkway Suite 600 Atlanta, GA 30346 DeKalb County

$ 35,000,000

Pending

Signature Bank of Georgia 1449 Dunwody Village Parkway Dunwoody, GA 30338 DeKalb County

$ 12,000,000

Pending

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

$ 12,499,290

01-14-2005

04-27-2005

Covenant Bank & Trust 122 Highway 95 Rock Spring, GA 30739 Walker County

$ 7,000,000

Pending

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FINANCIAL INSTITUTION CONVERSIONS

PREVIOUS NAME The Buckhead Community Bank, NA

CONVERTED TO The Buckhead Community Bank

APPROVAL DATE Pending

Atlanta, Fulton County

EFFECTIVE DATE

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION SunTrust Bank Atlanta

BRANCH OFFICE Englewood Wal-Mart Branch Office 2931 McCall Road Englewood, FL 34224 Charlotte County

APPROVAL DATE
03-21-2005

BEGIN BUSINESS
DATE
04-06-2005

SunTrust Bank Atlanta

Gainesville Branch Office 14100 Whitney Road Gainesville, VA 20155 Prince William County

Pending

SunTrust Bank Atlanta

Ocala 1 Wal-Mart Branch Office 9570 Southwest Highway 20 Ocala, FL 34481 Marion County

03-17-2005

04-25-2005

SunTrust Bank Atlanta

Poiniciana Place Wal-Mart Branch Office 904 Cypress Parkway Poiniciana Place, FL 34759 Osceola County

03-17-2005

04-25-2005

SunTrust Bank Atlanta

Carillon Branch Office 130 Fountain Parkway, North St. Petersburg, FL 33716 Pinellas County

12-02-2004

04-11-2005

SunTrust Bank Atlanta

Wilmington Private Banking Branch Office 2601 Irongate Drive Wilmington, NC 28412 Brunswick County

12-27-2004

04-25-2005

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FINANCIAL INSTITUTION Freedom Bank of Georgia Commerce

BRANCH OFFICE Jefferson Branch Office 1057 Winder Highway Jefferson, GA 30549 Jackson County

Georgia Heritage Bank (IO) Dallas

West Cobb Branch Office 3622 Dallas Highway Marietta, GA 30064 Cobb County

Signature Bank of Georgia (IO) Dunwoody

Sandy Springs Branch Office 227 Sandy Springs Place Atlanta, GA 30328 Fulton County

Southern Community Bank Fayetteville

Sullivan Road Branch Office 2245 East Highway 34 Newnan, GA 30265 Coweta County

Capital Bank Fort Oglethorpe

Chickamauga Branch Office #13 Highway 813 Chickamauga, GA 30707 Walker County

The Heritage Bank Hinesville

Pembroke Branch Office Highway 119 & West Railroad Street Pembroke, GA 31321 Bryan County

Crescent Bank and Trust Company East Woodstock Branch Office

Jasper

190 Village Centre East

Woodstock, GA 30188

Cherokee County

APPROVAL DATE
12-27-2004

BEGIN BUSINESS
DATE
04-18-2005

Pending

Pending

08-30-2004 04-01-2005 04-15-2005

04-20-2005

04-22-2005

Page 5 of 10

FINANCIAL INSTITUTION New Southern Bank Macon

BRANCH OFFICE Houston Lake Branch Office 464 South Houston Lake Road Warner Robins, GA 31088-6306 Houston County

Sea Island Bank Statesboro

Paulsen Street Branch Office 4905 Paulsen Street Savannah, GA 31406 Chatham County

Community Bank of West Georgia Kennesaw Branch Office

Villa Rica

1200 Ernest Barrett Parkway

Kennesaw, GA 30144

Cobb County

APPROVAL DATE
11-19-2004

BEGIN BUSINESS
DATE
04-07-2005

04-28-2005

04-22-2005

FINANCIAL INSTITUTION SunTrust Bank Atlanta
SunTrust Bank Atlanta

APPLICATIONS TO CHANGE LOCATION
CHANGE LOCATION OF Westgate Plaza Branch Office From: 2860 Airline Boulevard Portsmouth VA 23701 To: Victory Crossing Branch Office 4016 Victory Boulevard Portsmouth VA 23701
Peachtree Center Branch Office From: 225 Peachtree Street, NE
Atlanta GA 30303 Fulton County To: 241 Peachtree Street, NE Atlanta GA 30303 Fulton County

APPROVAL EFFECTIVE

DATE

DATE

04-11-2005

03-18-2005 04-15-2005

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FINANCIAL INSTITUTION Crescent Bank and Trust Company Jasper

CHANGE LOCATION OF Canton Branch Office From: 170 Riverstone Parkway Canton GA 30114 Cherokee County To: 145 Reinhardt College Parkway Canton GA 30114 Cherokee County

APPROVAL EFFECTIVE

DATE

DATE

04-22-2005

Crescent Bank and Trust Company Jasper

Cumming Branch Office From: 442 Canton Road
Cumming GA 30040 Forsyth County To: 500 Canton Road Cumming GA 30040 Forsyth County

04-22-2005

Northeast Georgia Bank Lavonia

Braselton Branch Office From: 5196 Highway 53
Braselton GA 30517 Jackson County To: 5045 Highway 53 Braselton GA 30517 Jackson County

04-07-2005

Georgian Bank Powder Springs

Corporate Lakes Office Parkway Branch Office From: 1255 Lakes Parkway
Lawrenceville GA 30043 Gwinnett County To: Gwinnett Branch Office 2055 North Brown Road Lawrenceville GA 30043 Gwinnett County

04-06-2005

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PROPOSED NAME Bank of Valdosta

APPLICATIONS FOR RESERVATION OF A NAME

COUNTY Lowndes County

APPLICANT Ms. Anne Winters Capitol Bancorp Limited

200 North Washington Square

Lansing, MI 48933

Metro City Bank

DeKalb County

Mr. John B. Kline, Principal Mauldin & Jenkins, LLC Post Office Box 724888 Atlanta, GA 31139-1888

Woodstock Bank and Trust

Cherokee County

Mr. Brent H. Baker, President Brent Baker, Inc. 6020 Rose Hill Court Cumming, GA 30041

FINANCIAL INSTITUTION (SURVIVOR) Atlanta Postal Credit Union Atlanta, GA

FINANCIAL INSTITUTION MERGERS
MERGED INSTITUTION IBEW Local 613 Credit Union Atlanta, GA

SunTrust Bank Atlanta, GA

National Bank of Commerce Memphis, TN

SunTrust Bank Atlanta, GA

SunTrust BankCard, National Association Orlando, FL

Habersham Bank Clarkesville, GA

Liberty Bank & Trust Toccoa, GA

Peoples Community Bank Colquitt, GA

Peoples Community Bank Columbia, AL

Peoples Community Bank Colquitt, GA

PCB, The Community Bank Malone, FL

Crescent Bank and Trust Company Jasper, GA

Futurus Bank, N. A. Alpharetta, GA

APPROVAL DATE
03-07-2005

EFFECTIVE DATE
04-01-2005

01-24-2005 04-22-2005

01-24-2005 04-22-2005 Pending

02-28-2005 04-13-2005 02-28-2005 04-13-2005 03-10-2005 04-01-2005

Page 8 of 10

PREVIOUS NAME Peoples Community Bank Colquitt
PCB, The Community Bank Colquitt
SouthBank Woodstock

NOTICE OF CHANGE IN NAME
NEW NAME PCB, The Community Bank
PeoplesSouth Bank
Security Bank of North Metro

APPROVAL DATE
02-28-2005

EFFECTIVE DATE
04-13-2005

04-07-2005 04-13-2005

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 Hometown Community Bancshares, Inc. Braselton, GA

Hometown Community Bank (IO) Braselton, GA

Pending

American Southern BanCorp, Inc. Roswell, GA

American Southern Bank (IO) Roswell, GA

Pending

ACQUISITIONS CompuCredit Corporation Atlanta, GA

Sentry State Bank (IO) Atlanta, GA

Pending

Omni Financial Services, Inc. Atlanta, GA

Georgia Community Bank Dalton, GA

Pending

Habersham Bancorp Cornelia, GA

Liberty Bank & Trust Toccoa, GA

Pending

Security Bank Corporation Macon, GA

SouthBank Woodstock, GA

04-20-2005

First Horizon National Corporation Memphis, TN

First National Bank West Metro Dallas, GA

Pending

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CITY Gainesville Buford Athens Dalton Chamblee Winder Loganville Locust Grove Ellenwood Doraville Decatur College Park Ellenwood

CHECK CASHER LICENSES ISSUED

APPLICANT NAME Chaudhry & Sons, Inc.

TRADE NAME Texaco Food Mart

El Exito Checks Cashed, Inc.

El Exito Checks Cashed

Espinoza, Samuel A.

Los Amigos

* KGMD, Inc. Number 2 Meghna Express, Inc.

Tobacco Outlet #2 Meghna Express

Money, Mail Etc., Inc.

Money, Mail Etc.

* N.K Enterprise, Inc. * Narayan Swaroop Corporation
Noor Group, Inc.

Mini Food Mart Locust Grove Exxon Amoco Food Mart

OK Investment, Inc.

OK Check Cashing

* Pak, Ki Ho Platinum Check Cashers, Inc.

Eddie's Package Platinum Check Cashers

Sohani Enterprises, Inc.

Forest Parkway Texaco

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

MONEY TRANSMITTER LICENSES ISSUED

MONEY TRANSMITTER

APPROVAL DATE

Bancomercio de El Salvador, Inc.

04-08-2005

Falls Church, VA

Choice Money Transfer, Inc. New York, NY

04-20-2005

Gambia People's Enterprise/A.G.I.B. LLC Powder Springs, GA

04-27-2005

MiCash, Inc. Washington, DC

04-08-2005

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