Inside this issue
Action on Applications 2 for the Month
Department Outreach 4
News and topics of interest to financial institutions regulated by the Department of Banking and Finance
August 2019
The Department Celebrates 100 Years
On August 16 1919 Governor Hugh M. Dorsey signed legislation creating the State Department of Banking (SDB). The law went into effect on January 1 1920 and the SDB opened for business. However bank examiners actually pre-date the SDB. Previously the State Treasurer also held the title of State Bank Examiner and the examiners were part of the Treasurer s staff. The current seal of the Department of Banking and Finance (Department) includes the year 1972 and not 1919 because of a major organizational change in state agencies during 1972. It was during that same time when the SDB became the Department and the title of the head of the agency changed from Superintendent to Commissioner. Click here for more information on the history of the Department.
Elder Exploitation Reports to Both APS and Law Enforcement
The Department has provided guidance on the Disabled Adults and Elder Persons Protection Act in prior bulletins including February 2018 and October 2018 to assist financial institutions in fulfilling their role as mandated reporters. The Department recently received a communication from a group of BSA Officers seeking clarification regarding requirements to submit suspected instances of financial exploitation to law enforcement. O.C.G.A. 30-5-4 (b) (1) (A) provides that "[a] report that a disabled adult or elder person is in need of protective services or has been the victim of abuse neglect or exploitation shall be made to an adult protection agency providing protective services as designated by the department [Department of Human Services (DHS)] and to an appropriate law enforcement agency or prosecuting attorney." The DHS confirmed that in accordance with the Code elder exploitation reports are required to be made to both Adult Protective Services and law enforcement. The DHS emphasized that a SAR filing does not constitute a law enforcement filing for purposes of this Code section. It is important to note that Bank Secrecy Act regulations do require a SAR filing. In summary Georgia financial institutions observing suspected instances of elder exploitation must report to (1) Adult Protective Services (2) law enforcement and (3) FinCEN through SAR filings.
Standardized Approach to Cybersecurity Preparedness
On August 28 2019 the Federal Financial Institutions Examination Council (FFIEC) members emphasized using a standardized approach to assess and improve cybersecurity preparedness. The FFIEC noted that firms adopting a standardized approach are better able to track their progress over time and share information and best practices with other financial institutions and regulators. Institutions may choose from a variety of standardized tools aligned with industry standards and best practices to assess their cybersecurity preparedness. While the FFIEC does not endorse any particular tool these standardized tools support self-assessment activities and help enhance an institution s overall comprehensive cybersecurity risk program.
CSBS Opens CBSI Survey to Bankers
CSBS has embarked on a new venture that compiles data to gauge the economic outlook of community banks across the nation. The first results for the Community Bank Sentiment Index (CBSI) which surveyed banks this spring are available. The CBSI will be updated each quarter.
CSBS requests bankers to participate by taking this short survey about your thoughts on the economy. Data will be collected during the month of September with the initial reading released at the Community Bank Research and Policy Conference on October 1 - October 2 2019 at the Federal Reserve Bank of St. Louis.
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August 2019
Action on Applications for the Month
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 August 2019
APPLICATIONS FOR NEW FINANCIAL INSTITUTION
FINANCIAL INSTITUTION
BEGIN BUSINESS
CAPITALIZATION APPROVAL DATE
DATE
Loyal Trust Bank 11675 Medlock Bridge Road Johns Creek GA 30097 Fulton County
$ 20 000 000
08-23-2019
FINANCIAL INSTITUTION
The First Port City Bank Bainbridge
APPLICATIONS TO ESTABLISH A BRANCH OFFICE
BRANCH OFFICE
APPROVAL DATE
Fernandina 1890 South 14th Street Building 200 Fernandina Beach FL 32034 Nassau County
08-19-2019
United Community Bank Blairsville
Six Forks Road 4711 Six Forks Road Raleigh NC 27609 Wake County
04-24-2019
Heritage Bank Jonesboro
Peachtree City 300 Finance Avenue Peachtree City GA 30269 Fayette County
08-28-2019
First Southern Bank Patterson
Manatee 3103 Manatee Avenue West Bradenton FL 34205 Manatee County
Pending
United Bank Zebulon
Sullivan Road 2245 Highway 34 East Newnan GA 30265 Coweta County
08-14-2019
BEGIN BUSINESS DATE
08-12-2019
FINANCIAL INSTITUTION
Georgia s Own Credit Union Atlanta
APPLICATIONS TO CHANGE LOCATION
From To
CHANGE LOCATION OF
Augusta 1267 Augusta West Parkway Augusta GA 30909 Richmond County
4339 Washington Road Evans GA 30809 Columbia County
APPROVAL DATE
07-08-2019
EFFECTIVE DATE
08-05-2019
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PREVIOUS NAME Bank of Terrell Dawson Heritage Bank Jonesboro
NOTICE OF CHANGE IN NAME NEW NAME Georgia Community Bank
Heritage Southeast Bank
August 2019
APPROVAL EFFECTIVE
DATE
DATE
06-25-2019 08-05-2019
08-23-2019
FINANCIAL INSTITUTION (SURVIVOR)
First National Community Bank Chatsworth GA
FINANCIAL INSTITUTION MERGERS
MERGED INSTITUTION Northside Bank Adairsville GA
APPROVAL EFFECTIVE
DATE
DATE
05-08-2019 08-30-2019
Georgia Community Bank Dawson GA
Georgia Community Bank Dawson GA
Commercial State Bank Donalsonville GA
The Citizens State Bank of Taylor County Reynolds GA
Pending Pending
Heritage Bank Jonesboro GA
Heritage Bank Jonesboro GA
Providence Bank Alpharetta GA
The Heritage Bank Hinesville GA
08-23-2019 08-23-2019
Branch Banking and Trust Company Winston-Salem NC
SunTrust Bank Atlanta GA
Pending
APPLICATIONS TO ACQUIRE A FINANCIAL INSTITUTION
BANK HOLDING COMPANY
TO ACQUIRE
APPROVAL DATE
BB&T Corporation Winston-Salem NC
SunTrust Banks Inc. Atlanta GA
Pending
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August 2019
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.
Department Outreach and Upcoming Speaking Engagements
Addressing Risk CECL. Data Analytics Liquidity & Pricing - Deputy Commissioner for Supervision Melissa Sneed will be speaking at the Georgia Credit Union Affiliates sponsored meetings on September 11 2019 at Associated Credit Union Norcross Georgia and on September 12 2019 at Interstate Unlimited Federal Credit Union Jesup Georgia.
A Conversation with the Regulators - Deputy Commissioner for Supervision Melissa Sneed will be speaking at the 51st Annual Convention & Mini-Trade Show sponsored by the Community Bankers Association of Georgia on September 13 2019 at The Ritz-Carlton Amelia Island Florida.
2019 President/CEO Conference - Commissioner Kevin Hagler will be speaking at the Georgia Bankers Association s 2019 President/CEO Conference on October 8 2019 at The Ritz-Carlton Reynolds Lake Oconee 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