Financial institutions today, Nov. 2009

Inside this issue:

Georgia Residential

2

Mortgage Act $6.50

Fee Reminder

Annual Assessment

2

for State-Chartered

Financial Institutions

Georgia Cases Part

2

of National

`Operation Stolen

Hope'

2010 State Holidays

3

Action on

4

Applications for the

Month of November

News and topics of interest to financial institutions regulated by the Department of Banking and Finance

Monthly Bulletin #11

November 2009

A Change to Formal Enforcement Action Policy
The Department has modified the format of our enforcement action language to reduce possible misunderstanding by the public unfamiliar with such actions and to remain consistent with our federal counterparts. In future instances, if a financial institution consents to a formal enforcement action, the resulting document will now be called a "Consent Order" (Order) rather than a "Cease and Desist Order" (C&D). Of course, the new Order format still contains a very detail oriented corrective action plan that likely covers multiple areas and may be quite lengthy. While the Consent Order will eliminate much of the cease and desist boilerplate language, the Order can still be enforced in a court of appropriate jurisdiction if necessary.
This document change does not alter the Department's level of regulatory scrutiny or in any way lessen the significance of a formal enforcement action. The FDIC and the Department will continue to cooperate on the issuance of Consent Orders just as has been the case with prior C&D enforcement actions.
The Department will not entertain requests from financial institutions already operating under a Cease and Desist Order to convert their existing enforcement action into a Consent Order.

DBF Outreach AND UPCOMING SPEAKING ENGAGEMENTS
Commissioner Braswell will be part of a Regulatory Panel at the December 4th GBA Credit Conference at the Cobb Galleria Centre, Atlanta.
Deputy Commissioner for Non-Depository Financial Institutions Rod Carnes will be speaking at DeKalb Technical College on December 10th, and at various Loan Originator classes given by the National Mortgage Learning Foundation in Atlanta on December 7th, in Columbus on December 9th, in Athens on December 14th, and in Augusta on December 16th.
"Safeguarding Georgia's Financial Services"

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Georgia Residential Mortgage Act $6.50 Fee Reminder
The $6.50 per loan fees required by O.C.G.A. Section 7-1-1011(b)(2) and Department Rule 80-5-1-.04 are due no later than March 1, 2010 for residential mortgage loans closed during the period July 31, 2009 through December 31, 2009. A $6.50 fee will be due if the loan is a residential mortgage loan as defined in the Georgia Residential Mortgage Act (GRMA), and if a security deed, a modification of a security deed or other form of modification of a security interest is recorded.
Financial institutions and mortgage licensees and registrants who act as the collecting agent (including brokers who table fund and collect the fee) will be notified by e-mail regarding the $6.50 fee payment and information regarding accessing the online fee payment and reporting system. This e-mail is sent to the primary contact for the financial institution or mortgage licensee or registrant, according to the Department's records.
Remittal of the GRMA $6.50 Loan Fees and Report are required to be made on-line by entities who have been assigned an ID# in the Department's database, even if no residential mortgage loans were made and no fees are due. With the on-line payment process, the Department accepts either ACH drafts on your checking account or Visa, MasterCard, AmericanExpress, or DiscoverCard credit cards. Reporting and fee payment must be done online from our secure website at: https://bkgfin.dbf.state.ga.us/GRMAFee.html.
Annual Assessment for State-Chartered Financial Institutions
The annual assessment fee letters will be e-mailed to banks and credit unions early in December, and the fees will be assessed by February 1, 2010. Please complete and submit by December 31, 2009, the Electronic Funds Transfer Authorization Form for any change of information. The ACH Authorization and Instructions Form can be found on our website from the Banks & Holding Companies Memos and Guidance page or from the Credit Unions Policy Statements and Guidance page.
Please e-mail or call Renee` Martin with any questions, rmartin@dbf.state.ga.us or 770-986-1641.
Georgia Cases Part of National `Operation Stolen Hope'
Federal Trade Commission Chairman Jon Leibowitz and other government officials announced `Operation Stolen Hope' on November 24, 2009, at a press conference in Nevada, where one in every 23 homes is facing foreclosure.
Operation Stolen Hope is part of a continuing federal-state crackdown on mortgage foreclosure and loan modification operations. Operation Stolen Hope involved 118 actions by 26 federal and state agencies. The Department participated by the issuance of Cease and Desist Orders against 16 individuals and companies who advertised unlicensed loan modification services to take hard-earned money from distressed Georgia homeowners.
The Federal Trade Commission (FTC) asks people to report foreclosure rescue and mortgage modification scams to FTC.gov or by calling 1-877-FTC-HELP. The FTC makes these complaints available to federal, state, and local law enforcement agencies. Please provide the FTC contact information to your customers in the appropriate circumstances as we all work together to help Georgia consumers.

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2010 State Holidays
In accordance with O.C.G.A. 1-4-1, Governor Sonny Perdue proclaimed the following dates as public and legal holidays for the year 2010. 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.

Holiday Name New Year's Day 2010 Martin Luther King Jr.'s Birthday Robert E. Lee's Birthday
Washington's Birthday
Confederate Memorial Day Memorial Day Independence Day
Labor Day Columbus Day Veterans' Day Thanksgiving Day
Christmas Day

Date Observed January 1st Friday
January 18th Monday January 19th Tuesday Will be observed on Friday, November 26th February 15th - Monday Will be observed on Thursday, December 23rd
April 26th Monday
May 31st Monday July 4th Sunday Will be observed on Friday, July 2nd September 6th Monday October 11th Monday
November 11th Thursday November 25th Thursday Lee's Birthday will be observed on Friday, November 26th
December 25th Saturday (will be observed on Friday, Dec 24th) Washington's Birthday will be observed on Thursday, Dec. 23rd)

DBF Holiday Hours
The offices of the Department of Banking and Finance will be closed on Wednesday, December 23rd for an employee furlough day, and on Thursday, December 24th and Friday, December 25th in observance of State holidays. Our offices will also be closed on Friday, January 1st for New Year's Day.
The Department wishes you and your family a wonderful Holiday Season!!

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Action on Applications for the Month of November:
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 2009.

FINANCIAL INSTITUTION Community & Southern Bank
One Atlantic Center
1201 West Peachtree Street Atlanta, GA 30309
Fulton County

APPLICATIONS FOR NEW FINANCIAL INSTITUTION

CAPITALIZATION $200,000,000

APPROVAL Pending

BEGIN BUSINESS

PREVIOUS NAME Columbus Bank and Trust Company
Hallco Federal Credit Union

FINANCIAL INSTITUTION CONVERSIONS

CONVERTED TO
CB&T, N.A.
Columbus Muscogee County

APPROVAL Pending

HALLCO Community Credit Union Gainesville
Hall County

Pending

EFFECTIVE

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION SunTrust Bank
Atlanta

BRANCH OFFICE Sam Rittenberg Boulevard Branch Office
1923 Sam Rittenberg Boulevard
Charleston, SC 29407 Charleston County

APPROVAL Pending

SunTrust Bank Atlanta

Historic Downtown College Park Branch Office 3857 Main Street
College Park, GA 30337
Fulton County

Pending

SunTrust Bank Atlanta

St. Jude Branch Office
Auction Avenue & North 7th Street Memphis, TN 38105
Shelby County

Pending

KeyWorth Bank Duluth

Sugarloaf Branch Office
6515 Sugarloaf Parkway
Duluth, GA 30097 Gwinnett County

10-20-2008

BEGIN BUSINESS 11-30-2009

Page 5

FINANCIAL INSTITUTION SunTrust Bank Atlanta
SunTrust Bank Atlanta

APPLICATIONS TO CHANGE LOCATION

CHANGE LOCATION OF North Logan Commons Branch Office
From: 4325 Atlanta Highway
Loganville GA 30052 Walton County
To: 4064 Atlanta Highway
Loganville GA 30052 Gwinnett County

APPROVAL 08-04-2009

Remington Avenue Branch Office From: 2701 E Pinetree Boulevard
Thomasville GA 31792
Thomas County To: 14 Williamsburg Avenue
Thomasville GA 31757
Thomas County

07-31-2009

EFFECTIVE 11-14-2009
11-23-2009

PREVIOUS NAME Atlanta City Employees Credit Union Atlanta
Bank of Lenox Lenox

NOTICE OF CHANGE IN NAME
NEW NAME Credit Union of Atlanta

APPROVAL EFFECTIVE

10-13-2009

11-01-2009

The Trust Bank

10-21-2009

11-20-2009

FINANCIAL INSTITUTION (SURVIVOR)
Banks Columbus Bank and Trust Company (fka Columbus Bank and Trust Company) Columbus, GA
Columbus Bank and Trust Company (fka Columbus Bank and Trust Company) Columbus, GA
Credit Unions Associated Credit Union Norcross, GA
Memorial Health Credit Union Savannah, GA
Pinnacle Credit Union Atlanta, GA
Powerco Federal Credit Union Atlanta, GA

FINANCIAL INSTITUTION MERGERS

MERGED INSTITUTION

APPROVAL EFFECTIVE

CB&T Bank of Middle Georgia Warner Robins, GA

Pending

Commercial Bank & Trust Company of Troup County
LaGrange, GA

Pending

CSRA Federal Credit Union Augusta, GA
Coastal Georgia Federal Credit Union Savannah, GA
Oconee Credit Union Milledgeville, GA
Georgia Power Northeast Credit Union Athens, GA

08-04-2009 11-30-2009 11-12-2009 11-16-2009

11-01-2009

Page 6

APPLICATIONS TO BECOME A BANK HOLDING COMPANY AND/OR TO ACQUIRE VOTING STOCK OF A FINANCIAL INSTITUTION

FORMATIONS ONLY

BANK HOLDING COMPANY Community & Southern Holdings, Inc.
Atlanta, GA

TO ACQUIRE Community & Southern Bank (IO)
Atlanta, GA

APPROVAL Pending

CREDIT UNION Nashville Credit Union Nashville

NOTIFICATION OF APPROVAL OF APPLICATION TO SERVE A RESIDENTIAL GROUP COMMON BOND

RESIDENTIAL GROUP COMMON BOND Berrien County, GA

APPROVAL 11-19-2009

CHECK CASHER LICENSES ISSUED

CITY Riverdale
Ft. Oglethorpe
Duluth Marietta
Lumpkin

APPLICANT NAME * Akshay, Inc.
CIC Financial Services of Georgia, LLC
Chailim, Inc. * EK Onkar, Inc.
Lumpkin Liquid Assets, Ltd.

TRADE NAME Citgo Food Mart
Approved Finance
First Express Shell Food Mart

* =Registered (O.C.G.A. 7-1-700 et al)

MONEY TRANSMITTER Moneybookers USA, Inc. Brooklyn, NY

MONEY TRANSMITTER LICENSES ISSUED
APPROVAL 11-24-2009

GEORGIA
DEPARTMENT OF BANKING AND FINANCE
2990 Brandywine Road Suite 200
Atlanta, Georgia 30341-5565
Phone: (770) 986-1633 Fax: (770) 986-1654 or 1655 Email: dbfpress@dbf.state.ga.us

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The Department is the state agency that regulates and examines banks, credit unions, and trust companies chartered by the State of Georgia. The Department also has regulatory and/or licensing authority over mortgage brokers, lenders, and processors, money service businesses, international banking organizations, and bank holding companies conducting business in Georgia.
Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision. Our Vision is to be the best financial services industry regulator in the country Progressive. Proactive. Service-Oriented.

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"Safeguarding Georgia's Financial Services"