Financial institutions today, Dec. 2013

Inside this issue:
Annual 2 Assessment for State-Chartered Banks and Credit
Unions
Annual 2 Assessment for
Bank Holding Companies
Georgia 2 Residential Mortgage Act Fee
Reminder
Action on 3 Applications for
the Month of December
Outreach and 4 Upcoming Speaking
Engagements
2014 State 5 Holidays
Contact 6 Information

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

Monthly Bulletin #12

December 2013

Low Income Credit Union Designation
Low Income Credit Union ("LICU") is a designation available to both state and federal credit unions pursuant to Section 701.34 of the National Credit Union Administration ("NCUA") Rules and Regulations. The designation confers access to specified benefits and expanded authority, such as the ability to:
Accept non-member deposits from any source; Offer secondary capital that counts towards the credit union's net worth; Qualify for exception from the aggregate loan limit for member business loans; and Access NCUA support programs including community development loans, technical
assistance grants, and economic development consulting services.
The Department supports LICU designation for state-chartered credit unions that are wellmanaged and in a satisfactory financial condition. Credit unions that meet the eligibility requirement (a majority of its members are low-income) may obtain LICU designation from the NCUA, subject to the Department's approval. Approvals are conditioned upon standards of safety and soundness and Georgia law. Requests should be presented in writing and include (at a minimum):
Documentation demonstrating that the credit union's board of directors has approved the request for designation (subject to regulatory approval);
A clearly defined business plan that identifies the alignment of the designation to the credit union's strategy and business model, relating the benefits and expanded authorities to specific strategic initiatives;
Policies and procedures addressing appropriate mitigating controls over the designation benefits and expanded authorities that the credit union intends to implement, such as: limits, controls, systems, and staffing expertise to support member business lending; and exit strategies related to the maturity or runoff of supplemental capital and/or community development loans along with planned or unplanned loss of the designation; and
Pro-forma financial statements covering at least a three (3) year period that incorporate the projected impact of the designation benefits and expanded authorities, including net worth implications.

"Safeguarding Georgia's Financial Services"

Page 2

December 2013

Annual Assessment for State-Chartered Banks and Credit Unions
Annual assessment fee letters were e-mailed to banks and credit unions early in December, and the fees will be assessed on January 22, 2014.
Any change of information should have been completed and submitted by December 31, 2013, using the Electronic Funds Transfer (EFT) Authorization Form, which can be found on our website at: http://dbf.georgia.gov/documents/electronic-funds-transfer-authorization-form-and-instructions
Please e-mail or call Rene Martin with any questions at rmartin@dbf.state.ga.us or 770-986-1641.

Annual Assessment for Bank Holding Companies
Annual assessment fee letters were e-mailed to bank holding companies in early December 2013. The fees are due by January 31, 2014, and online reporting/payment is mandatory from https://bkgfin.dbf.state.ga.us/HCAssessments.html. Please e-mail or call Rene Martin with any questions at rmartin@dbf.state.ga.us or 770-986-1641.
Georgia Residential Mortgage Act Fee Reminder
The $10.00 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, 2014, for mortgage loans closed during the period July 1, 2013, through December 31, 2013. A $10.00 fee will be due if the loan is a mortgage loan as defined in the Georgia Residential Mortgage Act ("GRMA"), and if the loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust, a modification of a security deed, or other form or modification of a security interest which has been recorded. Financial institutions, mortgage licensees and registrants that act as the collecting agent (including brokers that table fund and collect the fee) must submit the fees and file the fee statement before the deadline to avoid fines. Per Department Rule 80-5-1-.04(b), GRMA per loan fee reporting / remittance must be completed online through the Department's secure website. Reporting is required even if no mortgage loans were made and no fees are due. To avoid fines for failure to report/remit GRMA fees, reporting must be completed by the deadline noted above. Reporting and fee payment must be done online from our secure website at: https://bkgfin.dbf.state.ga.us/GRMAFee.html.

December 2013

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Action on Applications for the Month of December:
The following is a summary of official action taken on applications by State Financial Institutions under Chapter 7-1 of the Official Code of Georgia Annotated and petitions for Certificate of Incorporation of Financial Institutions and other matters of interest during the month of December 2013.

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION HeritageBank of the South
Albany

BRANCH OFFICE Columbus Branch Office 700 Brookstone Centre Parkway Suite 100 Columbus, GA 31904 Muscogee County

APPROVAL 12-10-2013

Midtown Bank & Trust Company Atlanta

Sandy Springs Branch Office 6000 Sandy Springs Circle Sandy Springs, GA 30328 Fulton County

12-17-2013

KeyWorth Bank Duluth

Dunwoody Branch Office 1449 Dunwoody Village Parkway Dunwoody, GA 30338 DeKalb County

08-27-2013

Ameris Bank Moultrie

Greenville SC Main Street Branch Office 301 North Main Street, Suite 300 Greenville, SC 29601 Greenville County

12-27-2013

Fidelity Bank Norcross

State Bridge Road Branch Office 5960 State Bridge Road Johns Creek, GA 30097 Fulton County

01-29-2013

BEGIN BUSINESS 12-16-2013 12-12-2013

PREVIOUS NAME First Citizens Bank of Georgia
Dawsonville

NOTICE OF CHANGE IN NAME
NEW NAME Foothills Community Bank

APPROVAL 12-05-2013

EFFECTIVE

FINANCIAL INSTITUTION MERGERS

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

MERGED INSTITUTION Floyd County Postal Employees Credit Union
Rome, GA

APPROVAL Pending

Community & Southern Bank Atlanta, GA

Verity Bank Winder, GA

Pending

Georgia Commerce Bank Atlanta, GA

Brookhaven Bank Atlanta, GA

12-31-2013

The First National Bank of Polk County Cedartown, GA

Bank of Chickamauga Chickamauga, GA

Pending

EFFECTIVE 12-31-2013

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FINANCIAL INSTITUTION (SURVIVOR) The First National Bank of Polk County Cedartown, GA
Hamilton State Bank Hoschton, GA
Community Bank & Trust - West Georgia LaGrange, GA
Ameris Bank Moultrie, GA
South Georgia Banking Company Omega, GA

MERGED INSTITUTION SouthCrest Bank Thomaston, GA
Cherokee Bank, National Association Canton, GA
Community Bank & Trust- Alabama Union Springs, AL
Prosperity Bank St. Augustine, FL
Bank of Dooly Vienna, GA

December 2013
APPROVAL EFFECTIVE Pending Pending Pending 08-05-2013 12-23-2013 12-23-2013

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

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

TO ACQUIRE Verity Bank
Winder, GA

APPROVAL Pending

Hamilton State Bancshares, Inc. Hoschton, GA

Cherokee Bank, National Association Canton, GA

Pending

South Georgia Bank Holding Company Omega, GA

Bank of Dooly Vienna, GA

12-23-2013

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

CREDIT UNION Members United Credit Union
Albany

RESIDENTIAL GROUP COMMON BOND Lee County, GA

APPROVAL 12-26-2013

DBF Outreach AND UPCOMING SPEAKING ENGAGEMENTS
Commissioner Kevin Hagler will be speaking at the following events:
The Georgia Bankers Association's Legislative/Economic Forum on January 15th. Read more about the event. The Georgia Credit Union Affiliates Grassroots Academy on January 28th. Read the brochure for the event. The Community Bankers Association's Banker Regulatory Forum on February 6th. Read more or register for the
event. The Community Bankers Association's 6th Annual Bank Directors' & Executive Management Conference being held
at the Cobb Energy Performing Arts Center on February 11th. Read more or register for the event.

December 2013

Page 5

2014 State Holidays
In accordance with O.C.G.A. 1-4-1, Governor Nathan Deal proclaimed the following dates in 2014 as public and legal state holidays when the Capitol and all State agencies will be closed:

Holiday Name
New Year's Day 2014 Robert E. Lee's Birthday
Martin Luther King Jr.'s Birthday Washington's Birthday
Confederate Memorial Day
Memorial Day Independence Day Labor Day Columbus Day Veterans' Day Thanksgiving Day
Christmas Day

Date Observed
Wednesday, January 1st Sunday, January 19th Will be observed on Friday, November 28th
Monday, January 20th
Monday, February 17th Will be observed on Friday, December 26th
Saturday, April 26th Will be observed on Monday, April 28th Monday, May 26th
Friday, July 4th Monday, September 1st
Monday, October 13th
Tuesday, November 11th
Thursday, November 27th Lee's Birthday will be observed on Friday, November 28th
Thursday, December 25th Washington's Birthday will be observed on Friday, December 26th

Georgia law allows a financial institution to be closed one day each week in addition to Sundays and holidays (O.C.G.A. 7-1-110). Except in the case of an emergency closing, a financial institution must post a notice of intent to close at least 30 days in advance of the closure (O.C.G.A. 7-1-110.1).

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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

December 2013
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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