Financial institutions today, 2020 November

Inside this issue:

FDIC Interim Final

2

Rule to Provide

Regulatory Burden

Relief for Exceeding

Regulatory Asset

Thresholds

FDIC Proposed

2

Rulemaking to

Address Temporary

Deposit Insurance

Assessment Effects

Resulting from CECL

Implementation

Speaking

2

Engagements

Action on

3

Applications

The s pecific docume nts that co mp ris e the G uidance a re: Examinati on F req uency, Proces s ing, an d Turna ro und Goals Developme nt of Pol icies by F inancial Ins tit utio ns
News and topics of interest to financial institutions regulated by the Department of Banking and Finance
November 2020
Classic City Bank Opens
Classic City Bank opened on November 2, 2020 in Athens, Georgia. The management team is led by CEO and Chairman Bill Hopper III, CFO and COO Chad Hargrove, and Senior Lending Officer Colin Stokes. The bank's headquarters will be located at 2365 W. Broad St., Athens. Classic City Bank is a traditional community bank business model serving small and medium-size businesses and consumers with the goal of banking the whole customer including the business, the business owner, and the owner's family. Classic City is the first new bank formed in Athens since 2005.
Community Bank Sentiment Index
The Conference of State Bank Supervisors fourth quarter Community Bank Sentiment Index survey is now available for completion. The Department of Banking and Finance (Department) requests that state-chartered banks respond to the survey. The survey gives community banks an opportunity to have their voices heard. Thank you for your participation and for all you do to serve our communities. A link to the survey can be accessed here.
Agencies Issue Statement on LIBOR Transition

The Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) issued a November 30, 2020 Statement on LIBOR Transition encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly and safe and sound LIBOR transition.
The Department is still conducting a LIBOR survey that was issued to all state-chartered banks and credit unions. If you have not completed the two-question survey, the Department requests that you promptly submit your survey responses. If you have issues accessing the survey or did not receive the survey contact Supervisory Manager Kevin Vaughn at kvaughn@dbf.state.ga.us. The Department thanks all financial institutions that have previously responded.
BSA Due Diligence Requirements for Charities and Non-Profit Organizations
In coordination with the FRB, the FDIC, the OCC, and the National Credit Union Administration, the Financial Crimes Enforcement Network issued on November 19, 2020 Joint Fact Sheet on Bank Secrecy Act Due Diligence Requirements for Charities and Non -Profit Organizations to provide clarity to banks on how to apply a risk-based approach to charities and other non-profit organizations. The fact sheet highlights the importance of ensuring that legitimate charities have access to financial services and can transmit funds through legitimate and transparent channels, especially during the current COVID19 pandemic. The fact sheet also reminds banks to apply a risk-based approach to customer due diligence requirements when developing the risk profiles of charities and non-profit customers.

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November 2020

FDIC Interim Final Rule to Provide Temporary Regulatory Burden Relief for Exceeding Regulatory Asset Thresholds

On November 20, 2020, the FDIC adopted an interim final rule to provide temporary regulatory burden relief to certain insured depository institutions that exceeded, or may exceed, certain regulatory asset thresholds due, in large part, to their participation in governments programs established in response to the COVID-19 pandemic, for example, the Paycheck Protection Program. The interim final rule, issued with the FRB and OCC, amends certain rules to provide temporary relief to insured depository institutions with $10 billion or less in total consolidated assets as of December 31, 2019.
FDIC Proposed Rulemaking to Address Temporary Deposit Insurance Assessment Effects Resulting from Optional Regulatory Capital Transition Provisions Related to CECL Implementation
On November 17, 2020, the FDIC authorized publication of a notice of proposed rulemaking that would address the temporary deposit insurance assessment effects resulting from certain optional regulatory capital transition provisions relating to the implementation of the current expected credit losses (CECL) methodology. The proposal would remove the double counting of a specified portion of the CECL transitional amount or the modified CECL transitional amount, as applicable, in the calculation of certain financial measures that are used to determine assessment rate for large and highly complex insured depository institutions. This notice has no impact on institutions with less than $10 billion in assets.
Speaking Engagements

Commissioner Kevin Hagler will be participating on a regulatory panel at the Georgia Bankers Association's Credit Conference on December 10, 2020. A link to the conference can be accessed here.

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ACTION ON APPLICATIONS FOR THE MONTH

November 2020

The following is a summary of official action taken by the Department on certain applications by Georgia statechartered 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 November 2020:

FINANCIAL INSTITUTION MERGERS

FINANCIAL INSTITUTION (SURVIVOR)

MERGED INSTITUTION

APPROVAL DATE

The Piedmont Bank Peachtree Corners, GA

Westside Bank Hiram, GA

Pending

MyGeorgia Credit Union Gainesville, GA

First Reliance Federal Credit Union 11-16-2020 Athens, GA

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

BEGIN BUSINESS DATE

FINANCIAL INSTITUION Ameris Bank Atlanta, GA
Ameris Bank Atlanta, GA
Delta Community Credit Union Atlanta, GA
Oconee State Bank Watkinsville, GA
Atlanta Postal Credit Union Atlanta, GA
Atlanta Postal Credit Union Atlanta, GA
Southeastern Credit Union Valdosta, GA
First IC Bank Doraville, GA

BRANCH OFFICE
2743 Perimeter Parkway Augusta, Georgia 30909 Richmond County
1118 South Orange Avenue Orlando, FL 32806 Orange County
445 Peachtree Parkway Cumming, GA 30041 Forsyth County
One Press Place, Suite 201 Athens, Georgia 30601 Clarke County
Center Parc Credit Union 72 Georgia Avenue Atlanta, Georgia 30312 Fulton County
Center Parc Credit Union 5694 Ogeechee Road Savannah, Georgia 31405 Chatham County
205 East Screven Street Quitman, Georgia 31643 Brooks County
3345 Wilshire Boulevard Suite 100 Los Angeles, California 90010 Los Angeles County

APPROVAL DATE
09-22-2020 10-26-2018 02-03-2020 11-10-2020 10-27-2020
10-26-2020
11-02-2020 07-15-2019

EFFECTIVE DATE
11-30-2020 11-30-2020 11-16-2020
11-03-2020

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ACTION ON APPLICATIONS FOR THE MONTH

November 2020

APPLICATIONS FOR DE NOVO INSTITUTIONS

FINANCIAL INSTITUTION
Classic City Bank Athens, GA

APPROVAL DATE
07-30-2020

BEGIN BUSINESS DATE
11-02-2020

APPLICATIONS TO CHANGE LOCATION

FINANCIAL INSTITUTION Georgia Primary Bank Atlanta, GA
American Pride Bank Macon, GA
South Georgia Banking Company Omega, GA

CHANGE LOCATION OF
From: 416 Pirkle Ferry Road Building K, Suite 400 Cumming, Georgia 30040 Forsyth County
To: 6080 Bethelview Road Cumming, Georgia 30040 Forsyth County
From: 2500 Daniella Bridge Road Building 200, Suite 1A Athens, Georgia 30606 Oconee County
To: 1010 Pine Ridge Court Athens, Georgia 30606 Oconee County
From: 603A North Main Street Sylvester, Georgia 31791 Worth County
To: 620 East Franklin Suite A Sylvester, Georgia 31791 Worth County

APPROVAL BEGIN BUSINESS

DATE

DATE

11-23-2020

11-06-2020

10-23-2020

11-18-2020

NOTICE OF CHANGE IN NAME

PROPOSED NAME
Great Oaks Financial Holdings, LLC
MyGeorgia Credit Union

COUNTY Dodge
Hall

APPROVAL DATE 08-11-2020

EFFECTIVE DATE 08-13-2020

08-19-2020

11-17-2020

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SUBSCRIBE TO RECEIVE THIS PUBLICATION

November 2020

Subscribe to Receive this Publication: Notice of this publication is delivered to interested parties via e-mail. To subscribe to this publication as well as other items of interest, please visit our website at https://dbf.georgia.gov/.
Department of Banking and Finance 2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 Phone: (770) 986-1633 Fax: (770) 986-1654 or 1655

The Department is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, state-chartered trust companies, international banking organizations, 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, consumer installment loan companies, check cashers, sellers-issuers of payment instruments, and money transmitters.
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.