Financial institutions today, Feb. 2011

Inside this issue:

Action on

2

Applications for the

Month of February

Contact

4

Information

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

Monthly Bulletin #2

February 2011

Georgia Department of Banking and Finance Adopts Final Rules
On March 3, 2011, the Department of Banking and Finance adopted Final Rules. They were filed with the Secretary of State on March 3, 2011, and will be effective 20 days following or March 23, 2011. These rules were proposed and distributed on February 1, 2011. No comment letters were received regarding the Proposed Rules. The Department believes these Final Rules encourage safety and soundness, safe and fair mortgage lending, and conform to the law.
To view or download the Final Rules on our website, go to Laws and Regulations from our homepage (http://dbf.georgia.gov) and select the appropriate link for the Final Rules OR access them directly from http://dbf.georgia.gov/vgn/images/portal/cit_1210/30/3/168713553DBFAdoptedRules_3-3-2011.pdf
In respect to the adopted rule changes, wording in Rule 80-1-5-.01 was removed which appeared to conflict with the provision added at O.C.G.A. 7-1-285(c)(9) during the 2010 legislative session that allows for renewing loans, consistent with safe and sound banking practices, that were within the bank's legal lending limit at origination but which may be outside the bank's legal lending limit at renewal or restructuring.
In addition, the requirement in Rule 80-1-10-.09(4) which provides a cap at the actual investment amount of the bank when valuing foreclosed property was removed. Generally Accepted Accounting Principles (GAAP) allows foreclosed assets held for sale, such as other real estate (ORE), to be recorded (transferred from loans to ORE) at the fair value of the asset less the estimated cost to sell as of the acquisition date, the date that the institution receives legal title to or obtains physical possession of the asset. The rule change aligns Department requirements with GAAP. Bank management is cautioned that, even though there will be the possibility of the recognition of gain on a particular transaction, proper valuation with supporting documentation will be essential for recognizing any gain or recovery prior to an actual sale of ORE.

DBF Outreach AND UPCOMING SPEAKING ENGAGEMENTS
Commissioner Braswell will be on speaking at the Southeastern Community Bank Symposium hosted by the
Georgia Bankers Association, along with Georgia Southern University Center for Excellence in Financial Services, on March 23rd in Statesboro, GA.
Senior Deputy Commissioner Steve Pleger will be speaking at the NASCUS Board of Directors College on March
23rd at the Atlanta Marriott Marquis, Atlanta, GA.
Director for Non-Depository Financial Institutions Sandra Sheley will be participating on a regulatory panel at the
Georgia Real Estate Fraud Prevention and Awareness Coalition's 7th Annual Conference on March 9th at the Cobb Galleria Convention Centre, Atlanta, GA.
"Safeguarding Georgia's Financial Services"

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Action on Applications for the Month of February:
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 2011.

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION SunTrust Bank Atlanta

BRANCH OFFICE Uptown Branch Office 600 A. W. Willis Avenue Memphis, TN 38105 Shelby County

APPROVAL 12-11-2009

Independence Bank of Georgia Braselton

Gainesville Branch Office 311 Green Street NW Suite 100 Gainesville, GA 30501 Hall County

03-08-2010

Community & Southern Bank Carrollton

Cumming Branch Office
1700 Market Place
Cumming, GA 30041 Forsyth County

02-10-2011

Synovus Bank Columbus

St. Marys Branch Office 6308 Georgia Highway 40 East
St. Marys, GA 31558
Camden County

Pending

American Pride Bank Macon

North Macon Branch Office
4511 Forsyth Road Macon, GA 31210
Bibb County

Pending

BEGIN BUSINESS 02-28-2011
02-01-2011
02-22-2011

FINANCIAL INSTITUTION SunTrust Bank Atlanta
United Community Bank Blairsville

APPLICATIONS TO CHANGE LOCATION

From: To:

CHANGE LOCATION OF Culpeper Colonnade Branch Office 801 James Madison Highway Culpeper, VA 22701 Culpeper County 15345 Creativity Drive Culpeper, VA 22701 Culpeper County

APPROVAL 08-17-2009

From: To:

Etowah Branch Office
77 Etowah Drive Etowah, NC 28729
Henderson County
50 United Bank Drive Etowah, NC 28729
Henderson County

02-11-2011

EFFECTIVE 02-07-2011

CHECK CASHER LICENSES ISSUED

CITY LaGrange Tifton
Tifton
Marietta Marietta
Rebecca
Cordele Columbus
Sparta
Perry Kennesaw
Marietta
Augusta

APPLICANT NAME Ambalakshmi, Inc. * B & B Investors, Inc.
* Dipak Dave
EZ & Fast Check Cashing, LLC Eric Nganku
* Ghanchi and Dabhi Company, Inc.
* Ma Laxmi, Inc. * Money-Rite Auto Pawn of Georgia LLC
* Ohm-Shahi-Shriya, Inc.
* Rufus C. Little, Sr. Sreekaran, Inc.
* Yabba's Bottle Shop, Inc.
* Yong Hong

TRADE NAME Quick Change BP 59 Gen-Earl Store A & N Food Store #2 EZ & Fast Check Cashing Easy Check Cashing Rebecca Food Mart US Discount Store CashMax BP Gas Little Bait Tackle & Pawn
Yabba's Package Lotto Express

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

Page 3

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

Page 4
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/processors, lenders and loan originators, 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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Visit our website at: dbf.georgia.gov

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