News and topics of interest to financial institutions regulated by the Department of Banking and Finance
Inside this issue: Beneficial Ownership Implementation
April 2018
Action on Applications for the Month
2
The Financial Crimes Enforcement Network (FinCEN) published a final rule regarding Customer Due Diligence Requirements for Financial Institutions on May 11, 2016, as amended on September
DBF Outreach
29, 2017 (CDD Rule). The CDD Rule amended the Bank Secrecy Act regulations and formalized 5 several existing practices related to the monitoring of customer activity, and added new
requirements that financial institutions establish and maintain written procedures that are reasonably
designed to identify the beneficial owners of legal entity customers.
On July 19, 2016, FinCEN published responses to frequently asked questions (FAQs) which can be found at https://www.fincen.gov/resources/statutes-regulations/guidance/frequently-asked-questions -regarding-customer-due-diligence.
On April 3, 2018, FinCEN published responses to additional FAQs which can be found at https:// www.fincen.gov/resources/statutes-regulations/guidance/frequently-asked-questions-regardingcustomer-due-0. The CDD Rule takes effect on May 11, 2018. FinCEN may issue additional responses to FAQs, guidance, or grant exceptive relief as appropriate.
FinCEN has also made available an optional form providing a convenient way for institutions to obtain and record information required by the CDD rule, the Customer Due Diligence (CDD) APPENDIX A - Certification Form, available at https://www.fincen.gov/resources/filing-information.
FFIEC Issues Joint Statement: Cyber Insurance and Its Potential Role in Risk Management Programs
On April 10, 2018, the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement regarding the potential role of cyber insurance in a financial institution's risk management program. While financial institutions are not required to maintain cyber insurance, such insurance could offset financial losses from a variety of exposures including data breaches resulting in the loss of confidential information that may not be covered by more traditional insurance policies. The statement also contains factors to consider regarding cyber insurance.
2018 National Survey of Community Banks - Input from Georgia Bankers Requested
The 2018 National Survey, a vital pillar to the Community Banking in the 21st Century research and policy conference, is now live! The purpose of the survey is to give researchers and policy makers an opportunity to hear directly from community banks on a range of important topics.
Please take the time to complete the survey, which is available at https://sri.cornell.edu/CB21/2018/. The survey should take approximately 20-25 minutes to complete and may be completed in multiple stages.
The results of the survey and the commissioner-to-banker outreach meetings are highlighted in an annual publication. The 2017 publication can be downloaded here.
Thank you for representing our Georgia banking interests by participating in this important survey!
Page 2
Action on Applications for the Month
April 2018
The following is a summary of official action taken by the Department on applications by Georgia state-chartered financial institutions under Title 7, Chapter 1 of the O.C.G.A. and petitions for certificate of incorporation of financial institutions and other matters of interest during the month of April 2018:
FINANCIAL INSTITUTION Georgia Heritage Bank Dallas, GA 30132
State Bank of Georgia Fayetteville, GA 30214-1012
Southern Bank Sardis, GA 30456-0100
APPLICATIONS FOR DISSOLUTION APPROVAL DATE Pending
Pending
Pending
EFFECTIVE DATE
APPLICATIONS TO ESTABLISH A BRANCH OFFICE
FINANCIAL INSTITUTION
BRANCH OFFICE
APPROVAL DATE
SunTrust Bank Atlanta
Covington Kroger 3139 Highway 278 NE Covington, GA 30014 Newton County
04-30-2018
SunTrust Bank Atlanta
Caldwell Crossing Branch Office 12198 University City Boulevard Harrisburg, NC 28075 Cabarrus County
06-09-2017
SunTrust Bank Atlanta
Eagle Creek 13865 Narcoossee Road Orlando, FL 32832 Orange County
04-30-2018
SunTrust Bank Atlanta
Harris Crossing 13620 Capital Boulevard Wake Forest, NC 27587 Wake County
11-28-2017
Synovus Bank Columbus
Augusta 720 St. Sebastian Way, Unit 130 Augusta, GA 30901 Richmond County
08-03-2017
The Brand Banking Company Lawrenceville
Dacula 485 Fence Road Dacula, GA 30019 Gwinnett County
04-24-2018
Ameris Bank Moultrie
Mount Pleasant 349 Coleman Boulevard Mount Pleasant, SC 29464 Charleston County
01-22-2018
BEGIN BUSINESS DATE
03-02-2018
04-13-2018 04-24-2018
04-16-2018
Page 3
The Piedmont Bank Norcross
The Piedmont Bank Norcross
Blue Ridge 111 Collins Avenue Blue Ridge, GA 30513 Fannin County
Cumming 1045 Peachtree Parkway Cumming, GA 30041 Forsyth County
01-04-2018
April 2018 04-30-2018
03-22-2018
04-18-2018
FINANCIAL INSTITUTION SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
SunTrust Bank Atlanta
Heritage Bank Jonesboro
APPLICATIONS TO CHANGE LOCATION
CHANGE LOCATION OF
APPROVAL DATE
North Hills Mall
04-30-2018
From: 3620 Six Forks Road Raleigh, NC 27609 Wake County
To: 4261 The Circle at North Hills Street, Suite 115 Raleigh, NC 27609 Wake County
Sandy Springs
From: 5898 Roswell Road NE Atlanta, GA 30328 Fulton County
To: 6240 Roswell Road Atlanta, GA 30328 Fulton County
04-30-2018
Mayfaire
From: 1979 Eastwood Rd Suite 100 Wilmington, NC 28403 New Hanover County
To: 6818 Parker Farm Drive Wilmington, NC 28405 New Hanover County
04-30-2018
Zephyrhills North
From: 7344 Gall Boulevard Zephyrhills, FL 33541 Pasco County
To: 7809 Gall Boulevard Zephyrhills, FL 33541 Pasco County
Highway 20
From: 860 Highway 20/81 West McDonough, GA 30253 Henry County
To: 1705 Highway 20 West McDonough, GA 30253 Henry County
11-28-2017 04-13-2018
EFFECTIVE DATE
04-06-2018
Page 4
PROPOSED NAME Private Bank of the South
April 2018
APPLICATIONS FOR RESERVATION OF A NAME
COUNTY
APPLICANT
Clarke County
Mr. Byron Richardson Bank Resources, Inc. 2451 Cumberland Parkway Suite 3618 Atlanta, GA 30339
SURVIVOR
Georgia's Own Credit Union Atlanta, GA
Bank of Early Blakely, GA
Members First Credit Union Decatur, GA
LGE Community Credit Union Marietta, GA
Ameris Bank Moultrie, GA
Ameris Bank Moultrie, GA
FINANCIAL INSTITUTION MERGERS
MERGED INSTITUTION State Bank of Georgia Fayetteville, GA
One South Bank Chipley, FL
Piedmont Plus Federal Credit Union Atlanta, GA
Georgia Heritage Bank Dallas, GA Atlantic Coast Bank Jacksonville, FL Hamilton State Bank Hoschton, GA
APPROVAL EFFECTIVE
DATE
DATE
Pending
Pending
02-26-2018 04-01-2018
Pending 04-25-2018
Pending
APPLICATIONS TO ACQUIRE A FINANCIAL INSTITUTION
BANK HOLDING COMPANY Ameris Bancorp Moultrie, GA
Ameris Bancorp Moultrie, GA
ACQUISITIONS ONLY TO ACQUIRE Atlantic Coast Financial Corporation Jacksonville, FL
Hamilton State Bancshares, Inc. Hoschton, GA
APPROVAL DATE 04-25-2018
Pending
Page 5
DBF Outreach and Upcoming Speaking Engagements
April 2018
2018 Georgia Banking School Director for Supervision Pamela Keane will be acting in the role of "banking regulator" in the bank simulation conducted as part of the Georgia Banking School, as sponsored by the Georgia Bankers Association, from May 6 to May 11 at the UGA Hotel and Conference Center at the Georgia Center, Athens, Georgia.
5th Annual PRMIA Atlanta Risk Leadership Conference Deputy Commissioner for Supervision Melissa Sneed will be participating in a Regulatory Panel at the 5th Annual PRMIA Atlanta Risk Leadership Conference, sponsored by the Professional Risk Managers' International Association, on May 17 at SunTrust Plaza, KPMG Building, Atlanta, Georgia.
2018 GCUA Annual Convention Commissioner Kevin Hagler will be speaking at the Georgia Credit Union Affiliates Annual Convention on May 18 in Savannah, Georgia.
The Department is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, state-chartered trust companies, and bank holding companies that own Georgia state-chartered financial institutions. The Department also has responsibility for the supervision, regulation, and examination of Merchant Acquirer Limited Purpose Banks chartered in Georgia.
In addition, the Department has regulatory and/or licensing authority over mortgage brokers, lenders and processors, mortgage loan originators, check cashers, sellers-issuers of payment instruments, money transmitters, and international banking organizations.
Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision.
Our Vision is to be a willing and able partner with our regulated entities in order to support vibrant economic growth and prosperity in Georgia.
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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