Financial institutions today, 2021 December

Inside this issue:
2022 State Holiday Schedule
Speaking Engagements 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
December 2021
Bank Secrecy Act / Anti-Money Laundering Examination Manual 2 Update
On December 1, 2021, the Federal Financial Institution Examination Council (FFIEC) 2 released one new section and updates to three sections of the Bank Secrecy Act/Anti-
Money Laundering Examination Manual. The updates affect the following sections:
3
Introduction Customers (new) Charities and Nonprofit Organizations Independent Automated Teller Machine Owners or Operators Politically Exposed Persons
As indicated by the FFIEC, the updates should not be interpreted as new requirements or as a new or increased focus on certain areas. Rather, these sections provide information and considerations related to certain customers that may indicate the need for bank policies, procedures, and processes to address potential money laundering, terrorist financing, and other illicit financial activity risks. These sections provide further transparency into the BSA/AML examination process. Refer to the press release for more information.

Department Guidance for Purchase of Financial Institution Owned Life Insurance Products

Recently, the Department created Guidance for Purchase of Financial Institution Owned Life Insurance Products (Guidance) as a tool for supervision staff and the industry. The Guidance specifically addresses legal authority, the Interagency Statement on the Purchase and Risk Management of Life Insurance, safety and soundness considerations, and a summary of the Department's position on the purchase of financial institution owned life insurance products.
The Department's intent in publishing the Guidance is to provide greater transparency and insight to the industry. The Guidance provided may not necessarily be appropriate in every situation, and examiners will continue to implement a risk-focused approach requiring professional judgment based on relevant factors. Further, the Guidance does not impose additional requirements on state-chartered financial institutions as it reflects the expectations currently set forth in the Statement of Policy.
The Guidance and all other guidance documents can be found in Bank Publications and Guidance at https://dbf.georgia.gov/banks-holding-companies/publications-and-guidance and Credit Union Publications and Guidance at https://dbf.georgia.gov/credit-unions/ publications-and-guidance. If you have any questions, please contact your financial institution's Supervisory Manager.

Page 2

December 2021

2022 State Holiday Schedule

Please refer to https://team.georgia.gov/wp-content/uploads/2020/09/2022-State-Holidays-memo-12.22.21.pdf for a list of the dates in 2022 proclaimed by Governor Brian P. Kemp as public and legal state holidays when the Capital and State Agencies will be closed.

The following is a listing of state holidays for 2022:

New Year's Day State Holiday Martin Luther King, Jr.'s Birthday Washington's Birthday State Holiday Memorial Day Juneteenth Independence Day Labor Day Columbus Day Veteran's Day Thanksgiving Day Christmas Day

January 1 will be observed on Monday, January 3 January 17 will be observed on Friday, November 25 Monday, January 17 February 21 will be observed on Friday, December 23 April 25 will be observed on Good Friday, April 15 Monday, May 30 June 19 will be observed on Monday, June 20 Monday, July 4 Monday, September 5 Monday, October 10 Friday, November 11 Thursday, November 24 December 25 will be observed on Monday, December 26

Speaking Engagements
Commissioner Kevin Hagler will be speaking at the January 12, 2022 Georgia Bankers Association Legislative and Economic Forum. More information on the forum can be found here.
Commissioner Kevin Hagler and Deputy Commissioner for Supervision Melissa Sneed will be speaking during the League of Southeastern Credit Unions & Affiliates Georgia Advocacy Conference on January 25, 2022. More information on the conference can be found here.

Page 3
ACTION ON APPLICATIONS FOR THE MONTH

December 2021

The following is a summary of official action taken by the Department on certain applications by Georgia statechartered financial institutions, petitions for certificate of incorporation of financial institutions, and other matters of interest during the month of December 2021:

APPLICATIONS FOR DE NOVO INSTITUTIONS

FINANCIAL INSTITUTION
Moultrie Bank & Trust Moultrie, GA

APPROVAL DATE
12/13/2021

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

BEGIN BUSINESS DATE

FINANCIAL INSTITUION
Georgia Banking Company Atlanta, GA
PeoplesSouth Bank Colquitt, GA

BRANCH OFFICE
6340 Sugarloaf Parkway Suite 100 Duluth, GA
23026 Panama City Beach Parkway Panama City Beach, FL

APPROVAL DATE
09/27/2021
12/20/2021

APPLICATIONS TO CHANGE LOCATION

FINANCIAL INSTITUTION

CHANGE LOCATION OF

MembersFirst Credit Union From: 7475 Douglas Boulevard

Decatur, GA

Douglasville, GA

To: 3024 Chapel Hill Road Douglasville, GA

American Pride Bank Macon, GA

From: 2500 Daniells Bridge Road Building 200, Suite 1A Athens, GA

To: 1010 Pine Ridge Court Athens, GA

APPROVAL DATE
12/14/2021
11/06/2020

APPLICATIONS TO RESERVE A NAME

PROPOSED NAME Georgia First Bank 1st Deposit & Commerce Bank LIHC Employees Credit Union

COUNTY Treutlen Gwinnett Gwinnett

APPLICANT Tom A. Peterson
Emory Lowe Emory Lowe

EFFECTIVE DATE
12/22/2021
EFFECTIVE DATE
12/12/2021

Page 4

ACTION ON APPLICATIONS FOR THE MONTH

FINANCIAL INSTITUITON MERGERS

FINANCIAL INSTITUTION
First National Community Bank Chatsworth, GA

MERGED INSTITUTION
Heritage First Bank Rome, GA

APPROVAL DATE
04/15/2021

APPLICATIONS TO ACQUIRE A FINANCIAL INSTITUTION

FINANCIAL INSTITUTION
First Volunteer Corporation Chattanooga, TN

MERGED INSITUTION
FBD Holding Company Dalton, GA

APPROVAL DATE
09/02/2021

FORM A BANK HOLDING COMPANY

BANK HOLDING COMPANY
FSBH Corp Bradenton, FL

TO ACQUIRE
First Southern Bank Waycross, GA

APPROVAL DATE
12/16/2021

December 2021
EFFECTIVE DATE
07/01/2021
EFFECTIVE DATE
12/01/2021
EFFECTIVE DATE

Page 5

December 2021

SUBSCRIBE TO RECEIVE THIS PUBLICATION

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

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, sellersissuers 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 support vibrant economic growth and prosperity in Georgia.