{"response":{"docs":[{"id":"dlg_ggpd_903913580-2024","title":"2024 Annual report / State of Georgia, Department of Banking and Finance.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":null,"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Banking and Finance."],"dc_date":["2024"],"dcterms_description":["Began with: 1972.","Title appeared on spine of print version only, 1998. From some providers, other issues digitized from the print may also be missing title source.","Use copy Restrictions unspecified star MiAaHDL","Numbering dropped, \u003c1998-\u003e","Report year ends December 31.","Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2015. MiAaHDL","Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL","Description based on print version record.","Latest issue consulted: 2018 (publisher's Web site, viewed June 15, 2020)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Department of Banking and Finance, 1972-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia.--Department of Banking and Finance--Periodicals.","Georgia.--Department of Banking and Finance.--fast--(OCoLC)fst01820235","Banks and banking--Georgia--Statistics--Periodicals.","Financial institutions--Georgia--Statistics--Periodicals.","Banks and banking","Financial institutions.--fast--(OCoLC)fst00924636","Georgia","Georgia Government Documents--Serial"],"dcterms_title":["2024 Annual report / State of Georgia, Department of Banking and Finance."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_903913580-2024"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_903913580-2024"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" This page is intentionally left blank \n \n State of Georgia \nDepartment of Banking and Finance \nANNUAL REPORT \nFor Year Ending December 31, 2024 \nBrian P. Kemp Governor \nKevin B. Hagler, CEM Commissioner \n \n Table of Contents \n \nMessage from the Commissioner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n1 \n \nOrganizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n3 \n \nFinancial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n4 \n \nState-Chartered Banking Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n4 \n \nState-Chartered Bank Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n6 \n \nState-Chartered Credit Union Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n7 \n \nState-Chartered Credit Union Financial Summary . . . . . . . . . . . . . . . . . . . . . . \n \n8 \n \nExamination Districts and Work Areas (Map) . . . . . . . . . . . . . . . . . . . . . . . . \n \n9 \n \nNon-Depository Financial Institution Supervision . . . . . . . . . . . . . . . . . . . . . \n \n10 \n \nMortgage Licensee Statistics . . . . . . . . . . . . . . . . . . . . . . . . \n \n10 \n \nMoney Service Businesses Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n11 \n \nInstallment Lender Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n12 \n \nAdministration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n13 \n \nFiscal Year Receipts and Disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n13 \n \nSummary of Activities for State-Chartered Financial Institutions and Other Entities . . . \n \n14 \n \nRegulated by or Licensed by the Department of Banking and Finance During 2024 \n \nBenefits of the State Charter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n15 \n \n M e s s ag e f ro m t he \nCommissioner \nGeorgia's financial services industry demonstrated tenacity, grit, and resolve in the aftermath of Hurricane Helene, quickly reestablishing services in deeply impacted areas even when it meant relying on generators for power, satellite or cellular services for connectivity, and in some cases manual procedures. This resilience was even more impressive when recognizing that many of the personnel driving the recovery were simultaneously dealing with personal property damage and power outages at home. The Department recognizes that true recovery takes much longer than clearing debris and reestablishing power, and we remain committed to providing flexibility to financial institutions while they work with their impacted borrowers. \nDespite the devastating economic impact of the Hurricane, banker sentiment surveys throughout the year showed an increase in optimism reflecting preferred monetary and regulatory policy at the federal level, and improved business conditions and profitability. The Department's regulatory findings were consistent with a strong, safe and sound financial industry meeting the needs of Georgians. \nState-chartered banks headquartered in Georgia declined slightly to 114 due to merger and acquisition activity, though total assets under supervision rose to $138 billion. State-chartered credit unions also declined slightly to 36 after three mergers but total assets remained largely unchanged at $31 billion. Of particular interest, the Department approved the Merchant Acquirer Limited Purpose Bank (MALPB) application of a subsidiary of Fiserv, Inc. in 2024 and we eagerly anticipate the operation of this innovative charter. \nThe number of mortgage loan originators licensed in the state declined modestly from last year and is now in line with licensing levels prior to the mortgage refinance boom that began in 2020. Mortgage lenders and brokers, on the other hand, continue a long trend of modest increases. The number of money transmitters and installment lenders licensed in Georgia remained largely consistent. \nThe Department's collaborative efforts with representatives of the banking, credit union, and nondepository industry resulted in the enactment of the Department's housekeeping bill (HB 876, Bruce Williamson of the 115th) for the 2024 legislative session. \n \nPage 1 \n \n2024 Annual Report \n \n M e s s ag e f ro m t he \nCommissioner \nThe bill revised statutory provisions related to the majority of entities regulated by the Department  banks, credit unions, merchant acquirer limited purpose banks, installment lenders, mortgage lenders and brokers, and money service businesses. Of particular interest, the bill made modifications to organizational requirements as well as beginning operational thresholds for MALPBs in an effort to make the charter more attractive. \nKevin B. Hagler, CEM Commissioner \nThe remainder of this page intentionally left blank. \n \n2024 Annual Report \n \nPage 2 \n \n Organizational Structure \nThe Department of Banking and Finance (Department) is the state agency that regulates and examines Georgia state-chartered banks, holding companies, credit unions, and trust companies. The Department also has responsibility for the supervision, regulation, and examination of merchant acquirer limited purpose banks (MALPBs) chartered in Georgia. \nIn addition, the Department has regulatory and/or licensing authority over mortgage lenders, mortgage brokers, mortgage processors, and mortgage loan originators, as well as installment lenders, check cashers, money transmitters, and foreign banking organizations conducting business in Georgia. \nThe Department is headed by a Commissioner who is appointed by the Governor to serve a four- year term. Functionally, the Commissioner reports directly to the state's Chief Financial Officer, who reports to the Governor. Commissioner Kevin B. Hagler is assisted by Senior Deputy Commissioner Oscar \"Bo\" Fears. The Department's operations are divided along functional lines: Financial Institution Supervision, Non-Depository Financial Institution Supervision, Legal Affairs, and Administration. Each of these divisions is headed by a Deputy Commissioner. \n \nPage 3 \n \n2024 Annual Report \n \n Financial Institution Supervision \nSTATE-CHARTERED BANKING STATISTICS At the end of 2024, the number of Georgia state-chartered banks totaled 114, representing a net decrease of three banks from the previous year. The net decrease resulted from three state- chartered banks being merged or acquired out of existence. A five-year financial performance summary for Georgia state-chartered banks can be found on Page 6 of this Report. \n \nBANK HOLDING COMPANIES A total of 99 bank holding companies were supervised by, or registered with, the Department at the end of 2024, representing a net change of two from 101 in the previous year. \nMERCHANT ACQUIRER LIMITED PURPOSE BANKS (MALPB) \nThe Department approved the Merchant Acquirer Limited Purpose Bank (MALPB) application of a subsidiary of Fiserv, Inc. in 2024. \nTRUST COMPANIES \nTrust activities continue to be conducted principally by bank trust departments. There is one statechartered non-depository trust company in Georgia that is an independent trust company (Reliance Trust Company, Atlanta). \n \n2024 Annual Report \n \nPage 4 \n \n Financial Institution Supervision \nSTATE-CHARTERED BANKING STATISTICS As shown in the table below, Georgia state-chartered commercial bank assets under supervision remained fifteenth in the country by the end of 2024 (savings banks not included in totals below). The table is sorted by total state charter assets and dollar figures are in millions. \n \nPage 5 \n \n2024 Annual Report \n \n Financial Institution Supervision \nState-Chartered Bank Financial Summary \n \n2024 Annual Report \n \nPage 6 \n \n Financial Institution Supervision \nSTATE-CHARTERED CREDIT UNION STATISTICS \nThe number of Georgia state-chartered credit unions decreased by three to a total of 36. Through year-end 2024, state-chartered credit union assets increased by roughly $235 million to roughly $31.3 billion, as compared to approximately $3.7 billion in total assets for federally-chartered credit unions in Georgia. A five-year financial performance summary for Georgia state-chartered credit unions can be found on Page 8 of this Report. \n \nPage 7 \n \n2024 Annual Report \n \n Financial Institution Supervision \nState-Chartered Credit Union Financial Summary \n \n2024 Annual Report \n \nPage 8 \n \n Financial Institution Supervision \nExamination Districts and Work Areas \n \nThe above map is primarily for the purpose of exhibiting geographical district boundaries based on current institution assignments. However, some districts may have institutions assigned in other areas of the state due to multibank holding companies and/or district workload and scheduling issues. Note: District 3 was merged into Districts 1 and 2 on December 31, 2010. \n \nPage 9 \n \n2024 Annual Report \n \n Non-Depository Financial Institution Supervision \nMORTGAGE LICENSEE STATISTICS Article 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated (O.C.G.A.) requires all persons who transact business as a residential mortgage lender, broker, processor or loan originator be licensed with the Department, unless they are exempt. At the end of 2024, active mortgage licensees totaled 28,256, representing a net decrease of 1,180 or roughly 4 percent from the previous year. \n \n2024 Annual Report \n \nPage 10 \n \n Non-Depository Financial Institution Supervision \nMONEY SERVICE BUSINESSES STATISTICS Unless otherwise exempt, anyone that engages in the cashing of payment instruments for a fee must be licensed by the Department under Article 4A of Title 7 of the O.C.G.A. Unless otherwise exempt, anyone that engages in money transmission must be licensed by the Department under Article 4 of Chapter 1 of Title 7 of the O.C.G.A. At the end of 2024, the number of money service businesses (MSB) licensed by the Department totaled 971 a net decrease of 18 licensees from the previous year. The Sellers/Issuers of Payment Instruments license type was consolidated into Money Transmitters in 2023. \n \nPage 11 \n \n2024 Annual Report \n \n Non-Depository Financial Institution Supervision \nINSTALLMENT LENDER STATISTICS Chapter 3 of Title 7 of the O.C.G.A. requires a person that makes consumer installment loans of $3,000 or less to be licensed with the Department unless such person is expressly exempt from licensure. At the end of 2024 the number of installment lenders licensed by the Department totaled 171, a net increase of 2 licensees from the previous year. \n \n2024 Annual Report \n \nPage 12 \n \n Administration \nFISCAL YEAR 2024 RECEIPTS AND DISBURSEMENTS \n \nNOTE: Revenues of the Department are collected and remitted to the Office of the State Treasurer. The level of the Department's expenditures is subject to the state's budgetary process. \n \nPage 13 \n \n2024 Annual Report \n \n SUMMARY OF ACTIVITIES \nFOR STATE-CHARTERED FINANCIAL INSTITUTIONS AND OTHER ENTITIES REGULATED BY OR LICENSED BY THE DEPARTMENT OF BANKING AND FINANCE DURING 2024 \n \nFINANCIAL INSTITUTION OR LICENSEE \n \nTotals 12/31/2023 \n \nOpened Registered Li- Converted censed \n \nMerged \n \nClosed Liquidated Dereg- \nistered \n \nTotals 12/31/2024 \n \nBANKS \n \n117 \n \n0 \n \n0 \n \n-3 \n \n0 \n \n114 \n \nTRUST COMPANIES \n \n1 \n \n0 \n \n0 \n \n0 \n \n0 \n \n1 \n \nMALPBS \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \nCREDIT UNIONS \n \n39 \n \n0 \n \n0 \n \n-3 \n \n0 \n \n36 \n \nBANK HOLDING COMPANIES (Supervised and/or Registered) \n \n101 \n \n2 \n \n0 \n \n-4 \n \n0 \n \n99 \n \nMONEY TRANSMITTERS \n \n249 \n \n22 \n \n0 \n \n0 \n \n-26 \n \n245 \n \nCHECK CASHERS \n \n740 \n \n69 \n \n0 \n \n0 \n \n-83 \n \n726 \n \nFOREIGN BANK AGENCIES AND BRANCHES \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \nDOMESTIC INTERNATIONAL BANKING FACILITIES \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \nFOREIGN BANK REPRESENTATIVE OFFICES \n \n5 \n \n1 \n \n0 \n \n0 \n \n0 \n \n6 \n \nINSTALLMENT LENDERS MORTGAGE BROKERS MORTGAGE LENDERS \n \n169 \n \n29 \n \n0 \n \n1,137 \n \n276 \n \n0 \n \n926 \n \n98 \n \n0 \n \n0 \n \n-27 \n \n171 \n \n0 \n \n-215 \n \n1,198 \n \n0 \n \n-93 \n \n931 \n \nMORTGAGE LOAN ORIGINATORS \n \n27,373 \n \n6,155 \n \n0 \n \n0 \n \n-7,401 \n \n26,127 \n \n2024 Annual Report \n \nPage 14 \n \n Benefits of the State Charter \n$ Local, Responsive, and Timely Decision Making \nState-chartered financial institutions have access to local decision makers in Georgia who are familiar with their unique marketplace and competitive environment. Decision makers in our Atlanta office and in field offices located around the state are easily reached for timely responses to questions and concerns from state-chartered institutions. \n$ Local Community and Market Knowledge \nExamination staff live in the districts where they work and are familiar with the local markets and communities. The Department's culture promotes decision-making by staff that have first-hand knowledge of your financial institution but with quick access for escalation to the Commissioner, when necessary, to ensure responsive and timely action on issues of concern to you. \n$ Effective Regulation and Supervision \nThe Commissioner believes that all financial institutions deserve right-sized regulation and supervision scaled to their size, complexity, and risk profile. The Department is nationally accredited through the Conference of State Bank Supervisors (CSBS) and the National Association of State Chartered Credit Union Supervisors (NASCUS) to ensure that \"best practice\" regulation and supervision principles are implemented. Supervisory activities of the Department are conducted in coordination with federal and other state regulators, as applicable, through joint examinations and interstate cooperative agreements to deliver a seamless supervisory experience that minimizes duplication and regulatory burden. \n$ Efficient Regulation and Supervision \nAnnual regulatory fees and assessments to cover costs of the Department's regulation and supervision activities are typically far less than those charged to comparable federally-chartered financial institutions. \n$ Powers Comparable or Superior to Federal Charters \nState-chartered financial institutions frequently enjoy powers that equal or exceed those available to federally-chartered financial institutions. To maintain competitiveness of the state charter, the Department routinely assesses laws and regulations, in coordination with the industry and our federal regulatory peers, to identify opportunities to expand powers or reduce unnecessary regulatory burden. O.C.G.A.  7-1-296 and 7-1-671 provide that a state-chartered bank or credit union may exercise any power available to a similar federally-chartered financial institution so long as the bank or credit union provides advance notice and the Department offers no objection to the exercise of such power. \nFirm, but fair, right-sized regulation and supervision are guiding principles for promoting safe, sound, competitive \nfinancial services in Georgia. \n \nPage 15 \n \n2024 Annual Report \n \n Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, \nresponsive regulation and supervision. \nOur Vision is to support vibrant economic growth and prosperity in Georgia. \n \n2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 \nPhone: (770) 986-1633 Toll-free: (888) 986-1633 \n \nDEPARTMENT OF BANKING AND FINANCE \nVisit us on the web at: dbf.georgia.gov \n \n "},{"id":"dlg_ggpd_903913580-2023","title":"2023 Annual report / State of Georgia, Department of Banking and Finance.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":null,"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Banking and Finance."],"dc_date":["2023"],"dcterms_description":["Began with: 1972.","Title appeared on spine of print version only, 1998. From some providers, other issues digitized from the print may also be missing title source.","Use copy Restrictions unspecified star MiAaHDL","Numbering dropped, \u003c1998-\u003e","Report year ends December 31.","Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2015. MiAaHDL","Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL","Description based on print version record.","Latest issue consulted: 2018 (publisher's Web site, viewed June 15, 2020)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Department of Banking and Finance, 1972-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia.--Department of Banking and Finance--Periodicals.","Georgia.--Department of Banking and Finance.--fast--(OCoLC)fst01820235","Banks and banking--Georgia--Statistics--Periodicals.","Financial institutions--Georgia--Statistics--Periodicals.","Banks and banking","Financial institutions.--fast--(OCoLC)fst00924636","Georgia","Georgia Government Documents--Serial"],"dcterms_title":["2023 Annual report / State of Georgia, Department of Banking and Finance."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_903913580-2023"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_903913580-2023"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" This page is intentionally left blank \n \n State of Georgia \nDepartment of Banking and Finance \nANNUAL REPORT \nFor Year Ending December 31, 2023 \nBrian P. Kemp Governor \nKevin B. Hagler, CEM Commissioner \n \n Table of Contents \n \nMessage from the Commissioner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n1 \n \nOrganizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n3 \n \nFinancial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n4 \n \nState-Chartered Banking Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n4 \n \nState-Chartered Bank Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n6 \n \nState-Chartered Credit Union Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n7 \n \nState-Chartered Credit Union Financial Summary . . . . . . . . . . . . . . . . . . . . . . \n \n8 \n \nExamination Districts and Work Areas (Map) . . . . . . . . . . . . . . . . . . . . . . . . \n \n9 \n \nNon-Depository Financial Institution Supervision . . . . . . . . . . . . . . . . . . . . . \n \n10 \n \nMortgage Licensee Statistics . . . . . . . . . . . . . . . . . . . . . . . . \n \n10 \n \nMoney Service Businesses Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n11 \n \nInstallment Lender Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n12 \n \nAdministration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n13 \n \nFiscal Year Receipts and Disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n13 \n \nSummary of Activities for State-Chartered Financial Institutions and Other Entities . . . \n \n14 \n \nRegulated by, Licensed by, or Registered with the Department of Banking and Finance \n \nDuring 2023 \n \nBenefits of the State Charter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n15 \n \n Message from the \nCommissioner \nShockwaves rippled throughout the overall banking environment in early 2023 when three of the largest bank failures in this country's history occurred in rapid succession. While all three failures occurred far from Georgia and involved unconventional banking models catering to fintech and venture capital firms, they highlighted liquidity and interest rate risks that had risen quickly throughout the banking system due in large part to aggressive interest rate hikes by the Federal Reserve which started roughly one year before the first failure. The failures also brought to the forefront the compounding, and in these cases devastating, effect social media can play on otherwise manageable risk exposures. Notwithstanding these national concerns, I am pleased to report that banking in Georgia continued to perform well throughout 2023, reflecting the robust economy of our state, and the stability of the traditional community banking model. \nThe number of state-chartered banks headquartered in Georgia declined slightly to 117 due to merger and acquisition activity, while total assets remained $134 billion. State-chartered credit unions also performed well throughout the year and saw a decline to 39 charters as a result of two intrastate mergers. Total assets in the credit union portfolio remained a robust $31 billion. \nRelatively high interest rates and a limited supply of available housing drove a 21% decline in the total number of residential mortgage licenses after several years of unprecedented growth in a historically low-rate environment. The seller of payment instrument license was absorbed into an expanded money transmitter license in 2023, and the combined license showed a modest decline year-over-year due primarily to difficulties in the virtual currency space after several high-profile scandals and failures. The Department saw a slight increase in the number of installment lender licenses on a net basis; however, the traditional brick and mortar business model continues to show a consolidating trend with most new licensing activity driven by the online \"buy now pay later\" model. The check cashing industry continues an extended trend of fewer overall licenses. \nThe Department's collaborative efforts with representatives of the banking, credit union, and nondepository industry resulted in the enactment of the Department's housekeeping bill (HB 55, Bruce Williamson of the 115th) for the 2023 legislative session. The bill revised statutory provisions related to the majority of entities regulated by the Department  banks, credit unions, trust companies, installment lenders, mortgage lenders and brokers, and money service businesses. Of particular interest, the bill significantly modernizes and updates the foreign bank law in Georgia to make the Georgia license competitive with the licenses offered by the Office of the Comptroller of the Currency and the various other states. In addition, a number of the changes in the bill for money service businesses were related to incorporating provisions from the Money Transmission \n \nPage 1 \n \n2023 Annual Report \n \n Message from the \nCommissioner \nModernization Act (\"Act\") developed by the Conference of State Bank Supervisors and the money service business industry. The Act was put out in two phases and, after adopting provisions from the first phase last year, the bill incorporated the revisions proposed in the final phase involving primarily definitions, exemptions, and prudential standards. Adopting the provisions of the Act will increase harmonization and sharing between the various states as it relates to the regulation of money transmission. \nKevin B. Hagler, CEM Commissioner \nThe remainder of this page intentionally left blank. \n \n2023 Annual Report \n \nPage 2 \n \n Organizational Structure \nThe Department of Banking and Finance (Department) is the state agency that regulates and examines Georgia state-chartered banks, holding companies, credit unions, and trust companies. The Department also has responsibility for the supervision, regulation, and examination of merchant acquirer limited purpose banks (MALPBs) chartered in Georgia. \nIn addition, the Department has regulatory and/or licensing authority over mortgage lenders, mortgage brokers, mortgage processors, and mortgage loan originators, as well as installment lenders, check cashers, money transmitters, and foreign banking organizations conducting business in Georgia. \nThe Department is headed by a Commissioner who is appointed by the Governor to serve a fouryear term. Functionally, the Commissioner reports directly to the state's Chief Financial Officer, who reports to the Governor. Commissioner Kevin B. Hagler is assisted by Senior Deputy Commissioner Oscar \"Bo\" Fears. The Department's operations are divided along functional lines: Financial Institution Supervision, Non-Depository Financial Institution Supervision, Legal Affairs, and Administration. Each of these divisions is headed by a Deputy Commissioner. \n \nPage 3 \n \n2023 Annual Report \n \n Financial Institution Supervision \nSTATE-CHARTERED BANKING STATISTICS At the end of 2023, the number of Georgia state-chartered banks totaled 117, representing a net decrease of two banks from the previous year. The net decrease resulted from two state-chartered banks being merged or acquired out of existence. A five-year financial performance summary for Georgia state-chartered banks can be found on Page 6 of this Report. \n \nBANK HOLDING COMPANIES A total of 101 bank holding companies were supervised by, or registered with, the Department at the end of 2023, representing a net change of 1 from 100 in the previous year. \nTRUST COMPANIES \nTrust activities continue to be conducted principally by bank trust departments. There is one statechartered non-depository trust company in Georgia that is an independent trust company (Reliance Trust Company, Atlanta). \nFOREIGN BANKING ORGANIZATIONS \nFive international representative offices were registered with the Department at the end of 2023. This number remained unchanged from the previous year. \n \n2023 Annual Report \n \nPage 4 \n \n Financial Institution Supervision \nSTATE-CHARTERED BANKING STATISTICS As shown in the table below, Georgia state-chartered commercial bank assets under supervision remained fifteenth in the country by the end of 2023 (savings banks not included in totals below). The table is sorted by total state charter assets and dollar figures are in millions. \n \nPage 5 \n \n2023 Annual Report \n \n Financial Institution Supervision \nState-Chartered Bank Financial Summary \n \n2023 Annual Report \n \nPage 6 \n \n Financial Institution Supervision \nSTATE-CHARTERED CREDIT UNION STATISTICS \nThe number of Georgia state-chartered credit unions decreased by two to a total of 39. Through year-end 2023, state-chartered credit union assets declined by roughly $530 million to roughly $31 billion, as compared to approximately $4 billion in total assets for federally-chartered credit unions in Georgia. There are now two fewer state-chartered credit unions compared to federally-chartered credit unions in Georgia. A five-year financial performance summary for Georgia state-chartered credit unions can be found on Page 8 of this Report. \n \nPage 7 \n \n2023 Annual Report \n \n Financial Institution Supervision \nState-Chartered Credit Union Financial Summary \n \n(dollar amounts in millions) Number of institutions reporting \n \n12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 \n \n39 \n \n41 \n \n45* \n \n49 \n \n48 \n \nASSETS \nCash \u0026 Equivalents Total Investments Total Loans (Allowance for Loan \u0026 Lease Losses) Land And Building Other Fixed Assets NCUSIF Deposit All Other Assets TOTAL ASSETS \nLIABILITIES \u0026 CAPITAL \nTOTAL LIABILITIES TOTAL SHARES \u0026 DEPOSITS Other Reserves Undivided Earnings TOTAL EQUITY TOTAL LIABILITIES, SHARES, \u0026 EQUITY \n \n2,090 6,610 20,737 (197) \n364 187 249 990 31,030 \n \n1,999 7,384 20,618 (136) \n324 138 254 979 31,560 \n \n4,033 7,265 17,124 (154) \n281 107 233 728 29,619 \n \n4,203 4,463 16,288 (165) \n281 87 198 620 25,975 \n \n1,716 2,889 15,609 (118) \n254 85 169 550 21,154 \n \n1,646 26,386 \n(504) 3,502 2,998 31,030 \n \n1,976 26,905 \n(630) 3,309 2,679 31,560 \n \n433 26,106 \n(38) 3,118 3,080 29,619 \n \n399 22,589 \n67 2,920 2,987 25,975 \n \n487 17,896 \n9 2,762 2,771 21,154 \n \nINCOME \u0026 EXPENSE \nLoan Income Investment Income Non-interest Income Total Employee Compensation \u0026 Benefits Other Non-interest Expenses Provision for Loan/Lease Losses Cost of Funds \nNET INCOME (LOSS) \n*One state charter converted in 2022 but filed the 2021 yearend Call Report as a federal charter. \n2023 Annual Report \n \n1,025 202 408 (500) (453) (132) (340) \n210 \n \n769 135 402 (460) (414) (39) (113) \n280 \n \n677 61 380 (411) (379) (24) (89) \n213 \n \n710 65 344 (390) (362) (128) (122) \n116 \n \n695 92 332 (361) (350) (72) (128) \n208 \n \nSource: NCUA Financial Performance Reports \n \nPage 8 \n \n Financial Institution Supervision \nExamination Districts and Work Areas \n \nThe above map is primarily for the purpose of exhibiting geographical district boundaries based on current institution assignments. However, some districts may have institutions assigned in other areas of the state due to multibank holding companies and/or district workload and scheduling issues. Note: District 3 was merged into Districts 1 and 2 on December 31, 2010. \n \nPage 9 \n \n2023 Annual Report \n \n Non-Depository Financial Institution Supervision \nMORTGAGE LICENSEE AND REGISTRANT STATISTICS Article 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated (O.C.G.A.) requires all persons who transact business as a residential mortgage lender, broker, processor or loan originator be licensed or registered with the Department, unless they are exempt. At the end of 2023, active mortgage licensees and registrants totaled 29,436, representing a net decrease of 7,776 or roughly 21 percent from the previous year. The decrease is largely due to the decrease in demand for mortgage loan originator licenses. \n \n2023 Annual Report \n \nPage 10 \n \n Non-Depository Financial Institution Supervision \nMONEY SERVICE BUSINESSES STATISTICS Unless otherwise exempt, anyone that engages in the cashing of payment instruments for a fee must be licensed by the Department under Article 4A of Title 7 of the O.C.G.A. Unless otherwise exempt, anyone that engages in money transmission must be licensed by the Department under Article 4 of Chapter 1 of Title 7 of the O.C.G.A. At the end of 2023, the number of money service businesses (MSB) licensed by the Department totaled 989 a net decrease of 56 licensees from the previous year. The Sellers/Issuers of Payment Instruments license type was consolidated into Money Transmitters in 2023. \n \nPage 11 \n \n2023 Annual Report \n \n Non-Depository Financial Institution Supervision \nINSTALLMENT LENDER STATISTICS Chapter 3 of Title 7 of the O.C.G.A. requires a person that makes consumer installment loans of $3,000 or less to be licensed with the Department unless such person is expressly exempt from licensure. At the end of 2023 the number of installment lenders licensed by the Department totaled 169, a net increase of 4 licensees from the previous year. \n \n2023 Annual Report \n \nPage 12 \n \n Administration \nFISCAL YEAR 2023 RECEIPTS AND DISBURSEMENTS \n \nNOTE: Revenues of the Department are collected and remitted to the Office of the State Treasurer. The level of the Department's expenditures is subject to the state's budgetary process. \n \nPage 13 \n \n2023 Annual Report \n \n SUMMARY OF ACTIVITIES \nFOR STATE-CHARTERED FINANCIAL INSTITUTIONS AND OTHER ENTITIES REGULATED BY, LICENSED BY, OR REGISTERED \nWITH THE DEPARTMENT OF BANKING AND FINANCE DURING 2023 \n \nFINANCIAL INSTITUTION, REGISTRANT, OR LICENSEE \n \nTotals 12/31/2022 \n \nOpened Registered Licensed \n \nConverted \n \nMerged \n \nClosed Liquidated Dereg- \nistered \n \nTotals 12/31/2023 \n \nBANKS \n \n119 \n \n0 \n \n0 \n \n-2 \n \n0 \n \n117 \n \nTRUST COMPANIES \n \n1 \n \n0 \n \n0 \n \n0 \n \n0 \n \n1 \n \nMALPBS \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \nCREDIT UNIONS \n \n41 \n \n0 \n \n0 \n \n-2 \n \n0 \n \n39 \n \nBANK HOLDING COMPANIES (Supervised and/or Registered) \n \n100 \n \n3 \n \n0 \n \n0 \n \nSELLERS/ISSUERS OF PAYMENT INSTRUMENTS** \n \n145 \n \n12 \n \n-138 \n \n0 \n \nMONEY TRANSMITTERS \n \n129 \n \n18 \n \n138 \n \n0 \n \n-2 \n \n101 \n \n-19 \n \n0 \n \n-36 \n \n249 \n \nCHECK CASHERS \n \n771 \n \n86 \n \n0 \n \n0 \n \n-117 \n \n740 \n \nFOREIGN BANK AGENCIES AND BRANCHES \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \nDOMESTIC INTERNATIONAL BANKING FACILITIES \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \n0 \n \nFOREIGN BANK REPRESENTATIVE OFFICES \n \n5 \n \n0 \n \n0 \n \n0 \n \n0 \n \n5 \n \nINSTALLMENT LENDERS \n \n165 \n \n21 \n \n0 \n \nMORTGAGE BROKERS OR REGISTRANTS \n \n1,047 \n \n336 \n \n0 \n \nMORTGAGE LENDERS OR REGISTRANTS \n \n899 \n \n125 \n \n0 \n \n0 \n \n-17 \n \n169 \n \n0 \n \n-246 \n \n1,137 \n \n0 \n \n-98 \n \n926 \n \nMORTGAGE LOAN ORIGINATORS \n \n35,260 \n \n5,024 \n \n0 \n \n0 \n \n-12,911 \n \n27,373 \n \n** The Sellers/Issuers of Payment Instruments license type was consolidated into Money Transmitters in 2023. 2023 Annual Report \n \nPage 14 \n \n Benefits of the State Charter \n$ Local, Responsive, and Timely Decision Making \nState-chartered financial institutions have access to local decision makers in Georgia who are familiar with their unique marketplace and competitive environment. Decision makers in our Atlanta office and in field offices located around the state are easily reached for timely responses to questions and concerns from state-chartered institutions. \n$ Local Community and Market Knowledge \nExamination staff live in the districts where they work and are familiar with the local markets and communities. The Department's culture promotes decision-making by staff that have first-hand knowledge of your financial institution but with quick access for escalation to the Commissioner, when necessary, to ensure responsive and timely action on issues of concern to you. \n$ Effective Regulation and Supervision \nThe Commissioner believes that all financial institutions deserve right-sized regulation and supervision scaled to their size, complexity, and risk profile. The Department is nationally accredited through the Conference of State Bank Supervisors (CSBS) and the National Association of State Chartered Credit Union Supervisors (NASCUS) to ensure that \"best practice\" regulation and supervision principles are implemented. Supervisory activities of the Department are conducted in coordination with federal and other state regulators, as applicable, through joint examinations and interstate cooperative agreements to deliver a seamless supervisory experience that minimizes duplication and regulatory burden. \n$ Efficient Regulation and Supervision \nAnnual regulatory fees and assessments to cover costs of the Department's regulation and supervision activities are typically far less than those charged to comparable federally-chartered financial institutions. \n$ Powers Comparable or Superior to Federal Charters \nState-chartered financial institutions frequently enjoy powers that equal or exceed those available to federally-chartered financial institutions. To maintain competitiveness of the state charter, the Department routinely assesses laws and regulations, in coordination with the industry and our federal regulatory peers, to identify opportunities to expand powers or reduce unnecessary regulatory burden. O.C.G.A.  7-1-296 and 7-1-671 provide that a state-chartered bank or credit union may exercise any power available to a similar federally-chartered financial institution so long as the bank or credit union provides advance notice and the Department offers no objection to the exercise of such power. \nFirm, but fair, right-sized regulation and supervision are guiding principles for promoting safe, sound, competitive \nfinancial services in Georgia. \n \nPage 15 \n \n2023 Annual Report \n \n Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, \nresponsive regulation and supervision. \nOur Vision is to support vibrant economic growth and prosperity in Georgia. \n \n2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 \nPhone: (770) 986-1633 Toll-free: (888) 986-1633 \n \nDEPARTMENT OF BANKING AND FINANCE \nVisit us on the web at: dbf.georgia.gov \n \n "},{"id":"dlg_ggpd_903913580-2022","title":"2022 Annual report / State of Georgia, Department of Banking and Finance.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":null,"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Banking and Finance."],"dc_date":["2022"],"dcterms_description":["Began with: 1972.","Title appeared on spine of print version only, 1998. From some providers, other issues digitized from the print may also be missing title source.","Use copy Restrictions unspecified star MiAaHDL","Numbering dropped, \u003c1998-\u003e","Report year ends December 31.","Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2015. MiAaHDL","Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL","Description based on print version record.","Latest issue consulted: 2018 (publisher's Web site, viewed June 15, 2020)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Department of Banking and Finance, 1972-"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia.--Department of Banking and Finance--Periodicals.","Georgia.--Department of Banking and Finance.--fast--(OCoLC)fst01820235","Banks and banking--Georgia--Statistics--Periodicals.","Financial institutions--Georgia--Statistics--Periodicals.","Banks and banking","Financial institutions.--fast--(OCoLC)fst00924636","Georgia","Georgia Government Documents--Serial"],"dcterms_title":["2022 Annual report / State of Georgia, Department of Banking and Finance."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_903913580-2022"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_903913580-2022"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" This page is intentionally left blank \n \n State of Georgia \nDepartment of Banking and Finance \nANNUAL REPORT \nFor Year Ending December 31, 2022 \nBrian P. Kemp Governor \nKevin B. Hagler, CEM Commissioner \n \n Table of Contents \n \nMessage from the Commissioner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n1 \n \nOrganizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n3 \n \nFinancial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n4 \n \nState-Chartered Banking Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n4 \n \nState-Chartered Bank Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n6 \n \nState-Chartered Credit Union Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n7 \n \nState-Chartered Credit Union Financial Summary . . . . . . . . . . . . . . . . . . . . . . \n \n8 \n \nExamination Districts and Work Areas (Map) . . . . . . . . . . . . . . . . . . . . . . . . \n \n9 \n \nNon-Depository Financial Institution Supervision . . . . . . . . . . . . . . . . . . . . . \n \n10 \n \nMortgage Licensee Statistics . . . . . . . . . . . . . . . . . . . . . . . . \n \n10 \n \nMoney Service Businesses Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n11 \n \nInstallment Lender Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n12 \n \nAdministration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n13 \n \nFiscal Year Receipts and Disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n13 \n \nSummary of Activities for State-Chartered Financial Institutions and Other Entities . . . \n \n14 \n \nRegulated by, Licensed by, or Registered with the Department of Banking and Finance \n \nDuring 2022 \n \nBenefits of the State Charter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n15 \n \n Message from the \nCommissioner \nThe economic impacts of the federal response to control rampant inflation, driven in large part by massive economic stimulus tied to the COVID-19 pandemic response as well as market disruption caused by the pandemic and Russia's invasion of Ukraine, continued to ripple through Georgia's economy and financial system in 2022. The most tangible evidence of the federal government's efforts was the seven interest rate increases by the Federal Reserve during the year, which rapidly raised the federal funds rate by 425 basis points. This precipitous increase in rates caused the securities portfolios of many banks to reflect significant unrealized losses, which negatively impacted a traditional source of liquidity. While most financial institutions still maintained an overabundance of deposits from federal stimulus programs in 2021 tied to COVID-19 relief, depositors' ability to chase higher interest rates and a conscious effort to right-size deposit levels by many institutions caused overall deposit levels to begin decreasing over the course of the year. The interest rate increases also had a pronounced chilling effect on the mortgage market, essentially ending any refinance activity and significantly impacting affordability in the home purchase market. \nThe Department ended the year with 119 banks, a net decline of two, but with total assets growing to $134 billion. This continues a long trend of fewer but larger and more complex banks in the Department's portfolio. We were excited to welcome Moultrie Bank and Trust to the family of statechartered banks as it opened for business in May. The credit union portfolio experienced some consolidation as well, with a decline of five charters. At the end of the year, there were 41 statechartered credit unions with $32 billion in total assets. \nDespite the interest rate headwinds, we saw surprising growth of 17% in the total number of mortgage licensees. This increase continues a trend of very high growth in the mortgage industry spanning the last several years. Money service business licenses declined by 4% overall, driven by a decline in the number of licensed check cashers. However, we saw nearly 9% growth in entities receiving money transmitter or seller of payment instrument licenses as the fintech industry continued to expand. Several high-profile bankruptcy filings by crypto currency firms, many of which were licensed as a money service business by the Department, occurred during the year. Consumers are reminded of the Department's guidance on virtual currencies first published in April 2014 warning of the risks and suitability of these instruments as investments. Finally, the Department continued its close working relationship with the installment lending industry which came under the purview of the Department in July of 2020 and we saw a slight increase in the number of licensees to 165. \n \nPage 1 \n \n2022 Annual Report \n \n Message from the \nCommissioner \nThe Department's collaborative efforts with representatives of the banking, credit union, and nondepository industry resulted in the enactment of the Department's housekeeping bill (HB 891, Bruce Williamson of the 115th) for the 2022 legislative session. The bill revised statutory provisions related to the majority of entities regulated by the Department  banks, credit unions, trust companies, installment lenders, mortgage lenders and brokers, and money service businesses. Of particular interest, many of the provisions in the bill reflected the Department's on-going critical review of its application processes. As a result of the Department's internal review, the processes related to acquisitions and changes in control involving banks and bank holding companies were significantly modernized and streamlined. In addition, a number of the changes in the bill for money service businesses were related to the Money Transmission Modernization Act (\"Act\") developed by the Conference of State Bank Supervisors (\"CSBS\") and the money service business industry. The Act was put out in two phases and the bill incorporated the revisions proposed in the first phase involving individuals or entities that exercise control over money service businesses. The Department intends on pursuing changes related to the second phase of the Act in the 2023 legislative session. \nKevin B. Hagler, CEM Commissioner \n \n2022 Annual Report \n \nPage 2 \n \n Organizational Structure \nThe Department of Banking and Finance (Department) is the state agency that regulates and examines Georgia state-chartered banks, holding companies, credit unions, and trust companies. The Department also has responsibility for the supervision, regulation, and examination of merchant acquirer limited purpose banks (MALPBs) chartered in Georgia. \nIn addition, the Department has regulatory and/or licensing authority over mortgage lenders, mortgage brokers, mortgage processors, and mortgage loan originators, as well as installment lenders, check cashers, sellers of payment instruments, money transmitters, and international banking organizations conducting business in Georgia. \nThe Department is headed by a Commissioner who is appointed by the Governor to serve a fouryear term. Functionally, the Commissioner reports directly to the state's Chief Financial Officer, who reports to the Governor. Commissioner Kevin B. Hagler is assisted by Senior Deputy Commissioner Steve Pleger. The Department's operations are divided along functional lines: Financial Institution Supervision, Non-Depository Financial Institution Supervision, Legal Affairs, and Administration. Each of these divisions is headed by a Deputy Commissioner. \n \nPage 3 \n \n2022 Annual Report \n \n Financial Institution Supervision \nSTATE-CHARTERED BANKING STATISTICS \nAt the end of 2022, the number of Georgia state-chartered banks totaled 119, representing a net decrease of two banks from the previous year. The net decrease resulted from three state-chartered banks being merged out of existence and one new state-chartered bank being opened. A five-year financial performance summary for Georgia state-chartered banks can be found on Page 6 of this Report. \n \nBANK HOLDING COMPANIES A total of 100 bank holding companies were supervised by, or registered with, the Department at the end of 2022, representing no net change from 100 in the previous year. \nTRUST COMPANIES \nTrust activities continue to be conducted principally by bank trust departments. There is one statechartered non-depository trust company in Georgia that is an independent trust company (Reliance Trust Company, Atlanta). \nFOREIGN BANKING ORGANIZATIONS \nFive international representative offices were registered with the Department at the end of 2022. This number remained unchanged from the previous year. \n \n2022 Annual Report \n \nPage 4 \n \n Financial Institution Supervision \nSTATE-CHARTERED BANKING STATISTICS \nAs shown in the table below, Georgia state-chartered commercial bank assets under supervision remained fifteenth in the country by the end of 2022 (savings banks not included in totals below). The table is sorted by total state charter assets and dollar figures are in millions. \n \nPage 5 \n \n2022 Annual Report \n \n Financial Institution Supervision \nState-Chartered Bank Financial Summary \n \n2022 Annual Report \n \nPage 6 \n \n Financial Institution Supervision \nSTATE-CHARTERED CREDIT UNION STATISTICS \nThe number of Georgia state-chartered credit unions decreased by five to a total of 41. Through year-end 2022, state-chartered credit union assets grew by roughly $1.9 billion to roughly $32 billion, as compared to $4 billion in total assets for federally-chartered credit unions in Georgia. There are now three fewer state-chartered credit unions compared to federally-chartered credit unions in Georgia. A five-year financial performance summary for Georgia state-chartered credit unions can be found on Page 8 of this Report. \n \nPage 7 \n \n2022 Annual Report \n \n Financial Institution Supervision \nState-Chartered Credit Union Financial Summary \n \n2022 Annual Report \n \nPage 8 \n \n Financial Institution Supervision \nExamination Districts and Work Areas \n \nThe above map is primarily for the purpose of exhibiting geographical district boundaries based on current institution assignments. However, some districts may have institutions assigned in other areas of the state due to multibank holding companies and/or district workload and scheduling issues. Note: District 3 was merged into Districts 1 and 2 on December 31, 2010. \n \nPage 9 \n \n2022 Annual Report \n \n Non-Depository Financial Institution Supervision \nMORTGAGE LICENSEE AND REGISTRANT STATISTICS \nArticle 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated (O.C.G.A.) requires all persons who transact business as a residential mortgage lender, broker, processor or loan originator be licensed or registered with the Department, unless they are exempt. At the end of 2022, active mortgage licensees and registrants totaled 37,212, representing a net increase of 5,478 or roughly 17 percent from the previous year. The year-over-year increase is largely due to heightened demand for mortgage loan originator licenses, which reflects the continuation of a longer-term trend. \n \n2022 Annual Report \n \nPage 10 \n \n Non-Depository Financial Institution Supervision \nMONEY SERVICE BUSINESSES STATISTICS \nUnless otherwise exempt, anyone that engages in the cashing of payment instruments for a fee must be licensed by the Department under Article 4A of Title 7 of the O.C.G.A. Unless otherwise exempt, anyone that engages in the sale of payment instruments or money transmission must be licensed by the Department under Article 4 of Chapter 1 of Title 7 of the O.C.G.A. At the end of 2022, the number of money service businesses (MSB) licensed by the Department totaled 1,045, a net decrease of 4 licensees from the previous year. \n \nPage 11 \n \n2022 Annual Report \n \n Non-Depository Financial Institution Supervision \nINSTALLMENT LENDER STATISTICS \nChapter 3 of Title 7 of the O.C.G.A. requires a person that makes consumer installment loans of $3,000 or less to be licensed with the Department unless such person is expressly exempt from licensure. At the end of 2022, the number of installment lenders licensed by the Department totaled 165, a net increase of 4 licensees from the previous year. \n \n2022 Annual Report \n \nPage 12 \n \n Administration \nFISCAL YEAR 2022 RECEIPTS AND DISBURSEMENTS \n \nNOTE: Revenues of the Department are collected and remitted to the Office of the State Treasurer. The level of the Department's expenditures is subject to the state's budgetary process. \n \nPage 13 \n \n2022 Annual Report \n \n SUMMARY OF ACTIVITIES \nFOR STATE-CHARTERED FINANCIAL INSTITUTIONS AND OTHER ENTITIES REGULATED BY, LICENSED BY, OR REGISTERED \nWITH THE DEPARTMENT OF BANKING AND FINANCE DURING 2022 \n \n2022 Annual Report \n \nPage 14 \n \n Benefits of the State Charter \n$ Local, Responsive, and Timely Decision Making \nState-chartered financial institutions have access to local decision makers in Georgia who are familiar with their unique marketplace and competitive environment. Decision makers in our Atlanta office and in field offices located around the state are easily reached for timely responses to questions and concerns from state-chartered institutions. \n$ Local Community and Market Knowledge \nExamination staff live in the districts where they work and are familiar with the local markets and communities. The Department's culture promotes decision-making by staff that have first-hand knowledge of your financial institution but with quick access for escalation to the Commissioner, when necessary, to ensure responsive and timely action on issues of concern to you. \n$ Effective Regulation and Supervision \nThe Commissioner believes that all financial institutions deserve right-sized regulation and supervision scaled to their size, complexity, and risk profile. The Department is nationally accredited through the Conference of State Bank Supervisors (CSBS) and the National Association of State Chartered Credit Union Supervisors (NASCUS) to ensure that \"best practice\" regulation and supervision principles are implemented. Supervisory activities of the Department are conducted in coordination with federal and other state regulators, as applicable, through joint examinations and interstate cooperative agreements to deliver a seamless supervisory experience that minimizes duplication and regulatory burden. \n$ Efficient Regulation and Supervision \nAnnual regulatory fees and assessments to cover costs of the Department's regulation and supervision activities are typically far less than those charged to comparable federally-chartered financial institutions. \n$ Powers Comparable or Superior to Federal Charters \nState-chartered financial institutions frequently enjoy powers that equal or exceed those available to federally-chartered financial institutions. To maintain competitiveness of the state charter, the Department routinely assesses laws and regulations, in coordination with the industry and our federal regulatory peers, to identify opportunities to expand powers or reduce unnecessary regulatory burden. O.C.G.A.  7-1-296 and 7-1-671 provide that a state-chartered bank or credit union may exercise any power available to a similar federally-chartered financial institution so long as the bank or credit union provides advance notice and the Department offers no objection to the exercise of such power. \nFirm, but fair, right-sized regulation and supervision are guiding principles for promoting safe, sound, competitive \nfinancial services in Georgia. \n \nPage 15 \n \n2022 Annual Report \n \n Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, \nresponsive regulation and supervision. \nOur Vision is to support vibrant economic growth and prosperity in Georgia. \n \n2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 \nPhone: (770) 986-1633 Toll-free: (888) 986-1633 \n \nDEPARTMENT OF BANKING AND FINANCE \nVisit us on the web at: dbf.georgia.gov \n \n "},{"id":"dlg_ggpd_903913580-2021","title":"2021 Annual report / State of Georgia, Department of Banking and Finance.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":null,"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Banking and Finance."],"dc_date":["2021"],"dcterms_description":["Began with: 1972.","Title appeared on spine of print version only, 1998. From some providers, other issues digitized from the print may also be missing title source.","Use copy Restrictions unspecified star MiAaHDL","Numbering dropped, \u003c1998-\u003e","Report year ends December 31.","Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2015. MiAaHDL","Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. 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Department of Banking and Finance"],"dc_date":["2021"],"dcterms_description":["Annual report of the Georgia Department of Banking and Finance."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Banking and Finance"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia. Department of Banking and Finance--Periodicals","Georgia. Department of Banking and Finance","Banks and banking--Georgia--Statistics--Periodicals","Financial institutions--Georgia--Statistics--Periodicals","Banks and banking","Financial institutions","Georgia","Periodicals","Statistics"],"dcterms_title":["Annual report, 2020"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-bb100-b-pa1-b2020-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-bb100-b-pa1-b2020-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["annual reports"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" This page is intentionally left blank \n \n State of Georgia \nDepartment of Banking and Finance \nANNUAL REPORT \nFor Year Ending December 31, 2020 \nBrian P. Kemp Governor \nKevin B. Hagler, CEM Commissioner \n \n Table of Contents \n \nMessage from the Commissioner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n1 \n \nOrganizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n3 \n \nFinancial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n4 \n \nState-Chartered Banking Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n4 \n \nState-Chartered Bank Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n6 \n \nState-Chartered Credit Union Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n7 \n \nState-Chartered Credit Union Financial Summary . . . . . . . . . . . . . . . . . . . . . . \n \n8 \n \nExamination Districts and Work Areas (Map) . . . . . . . . . . . . . . . . . . . . . . . . \n \n9 \n \nNon-Depository Financial Institution Supervision . . . . . . . . . . . . . . . . . . . . . \n \n10 \n \nMortgage Licensee Statistics . . . . . . . . . . . . . . . . . . . . . . . . \n \n10 \n \nMoney Service Businesses Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n11 \n \nInstallment Lender Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n12 \n \nAdministration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n13 \n \nFiscal Year Receipts and Disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n13 \n \nSummary of Activities for State-Chartered Financial Institutions and Other Entities . . . \n \n14 \n \nRegulated by, Licensed by, or Registered with the Department of Banking and Finance \n \nDuring 2020 \n \nBenefits of the State Charter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n15 \n \n Message from the \nCommissioner \n \nAs we entered 2020, concerns of an economic recession that originated in the prior year quickly escalated and by March a global pandemic driven by COVID-19 had disrupted everyone's daily life and caused severe impacts to many segments of our economy. Georgia's financial institutions entered the pandemic with strong capital levels, solid liquidity, and a diverse asset base allowing them to serve as a source of strength during these challenging times. The banks and credit unions of this state quickly engaged with the Small Business Administration to assist with distribution of federal CARES Act funds through the Payroll Protection Program (PPP). By year-end, 174,429 PPP loans totaling $14,688,047,519 had been distributed to businesses in the state. Georgia's financial institutions were also heavily involved in the distribution of Economic Injury Disaster Loans, they assisted businesses and consumers alike through loan deferments and modifications, and they were the conduits for the economic impact payments consumers relied upon. \nWhile the effects of the pandemic continued to be felt at year's end, state-chartered banks and credit unions headquartered in Georgia remained in solid financial condition. While the number of state-chartered bank declined slightly to 124 due to merger activity, the overall asset level grew to nearly $133 billion. We welcomed two new banks in Georgia with the opening of Craft Bank, Atlanta, and Classic City Bank, Athens. Likewise, the credit union portfolio saw overall asset levels rise to nearly $26 billion, with a net increase in the number of charters to 49. We were also excited to welcome Marshland Credit Union, Brunswick, United 1st Credit Union, Kingsland, and Interstate Credit Union, Jesup to the family of state-chartered credit unions during the year. \nOur non-depository portfolio continued its trend of strong growth in 2020 with nearly a 20% increase in the number of mortgage loan originator licenses year-over-year. This rapid growth is particularly notable as it comes on top of several recent years of strong growth. The growth in licenses reflects the high volume of mortgage refinance business in Georgia during a time of record low mortgage rates. Mortgage lenders, brokers, loan originators, and registrants totaled 23,625 at the end of the year. The number of licensed money service businesses remained relatively constant throughout the year, with a slight decline in the number of check cashers being offset by an increase in money transmitters and sellers of payment instruments. The increase in money transmitters and sellers of payment instruments reflects growth in the number of fintech companies seeking licensure. \nAs part of Governor Kemp's efforts to obtain efficiencies and cost savings in state government, the regulation of consumer installment loans of $3,000 or less (\"installment loans\") was transferred from the Office of Commissioner of Insurance to the Department (SB 462, Senator Kennedy of the 18th). \n \nPage 1 \n \n2020 Annual Report \n \n Message from the \nCommissioner \nGovernor Kemp signed the bill into law on June 30, 2020, and it went into effect the very next day. \nAt a high-level, the bill does not seek to change the general operations of the industry such as the permissible interest rate and charges, the loan cap, or the taxation rate on interest. Instead, it changes the regulatory and administrative processes that apply to the industry. Generally speaking, the bill overlays the regulatory processes that apply to the other non-depository businesses licensed by the Department  residential mortgage businesses and money service businesses  and applies them to the installment lending business. \nThe Department appreciates the faith placed in it by the Governor and the General Assembly in transferring the regulation of these consumer loans to the Department. In the regulation of nondepository financial institutions, the Department is directed to ensure that licensees operate in compliance with state law, consumer interests are protected, and economic and technological progress takes place in the industry. It is the Department's view that all of these objectives can be achieved if industry, consumer advocates, and the Department are willing to work together to modernize the applicable regulations and the offering of these loans within the State. Everyone at the Department is excited about regulating a new industry and looks forward to partnering with the interested parties to meet the challenge of successfully transferring the program. \nIn addition to SB 462, the Department's collaborative efforts with representatives of the banking, credit union, and non-depository industry resulted in the enactment of the Department's housekeeping bill (HB 781, Bruce Williamson of the 115th) for the 2020 legislative session. The bill revises statutory provisions related to the majority of entities regulated by the Department  banks, credit unions, trust companies, mortgage lenders and brokers, and money service businesses. Generally speaking, the revisions focus on modernizing the Code and eliminating antiquated requirements or provisions found in Title 7. Of particular interest, the bill revises the legal lending limit for credit unions. The bill ties a credit union's legal lending limit to the net worth of a credit union as opposed to an unusual formula tied to the total deposits of a credit union; a calculation that failed to reflect the true financial condition of the institution. This revision should reduce the number of inadvertent legal lending limit violations committed by credit unions as well as increase the safety and soundness of these institutions. \n \nKevin B. Hagler, CEM Commissioner \n2020 Annual Report \n \nPage 2 \n \n Organizational Structure \nThe Department of Banking and Finance (Department) is the state agency that regulates and examines Georgia state-chartered banks, holding companies, credit unions, and trust companies. The Department also has responsibility for the supervision, regulation, and examination of merchant acquirer limited purpose banks (MALPBs) chartered in Georgia. \nIn addition, the Department has regulatory and/or licensing authority over mortgage lenders, mortgage brokers, mortgage processors, and mortgage loan originators, as well as installment lenders, check cashers, sellers of payment instruments, money transmitters, and international banking organizations conducting business in Georgia. \nThe Department is headed by a Commissioner who is appointed by the Governor to serve a fouryear term. Functionally, the Commissioner reports directly to the state's Chief Financial Officer, who reports to the Governor. Commissioner Kevin B. Hagler is assisted by Senior Deputy Commissioner Steve Pleger. The Department's operations are divided along functional lines: Financial Institution Supervision, Non-Depository Financial Institution Supervision, Legal Affairs, and Administration. Each of these divisions is headed by a Deputy Commissioner. \n \nPage 3 \n \n2020 Annual Report \n \n Financial Institution Supervision \nSTATE-CHARTERED BANKING STATISTICS \nAt the end of 2020, the number of Georgia state-chartered banks totaled 124, representing a net decrease of four banks from the previous year. While two new state-chartered banks opened in 2020, the net decrease resulted from six state-chartered banks merging out of existence. A five-year financial performance summary for Georgia state-chartered banks can be found on Page 6 of this Report. \n \nBANK HOLDING COMPANIES \nA total of 102 bank holding companies were supervised by, or registered with, the Department at the end of 2020, representing a decrease of four from 106 in the previous year. This decline is attributed to the bank merger activity mentioned above. \nTRUST COMPANIES \nTrust activities continue to be conducted principally by bank trust departments. There is one statechartered non-depository trust company in Georgia that is an independent trust company (Reliance Trust Company, Atlanta). \nREPRESENTATIVE OFFICES OF BANKS AND BANK HOLDING COMPANIES \nA representative office is an office established by a bank, a bank holding company, or an agent or subsidiary of either for the purpose of conducting activities other than a banking business. A representative office is not considered to be a main office or a branch office. There were 51 representative offices registered in Georgia at the end of 2020, an increase of one from the prior year. \nFOREIGN BANKING ORGANIZATIONS \nFour international representative offices were registered with the Department at the end of 2020. This number is unchanged from the prior year. \n \n2020 Annual Report \n \nPage 4 \n \n Financial Institution Supervision \nSTATE-CHARTERED BANKING STATISTICS \nAs shown in the table below, Georgia state-chartered commercial bank assets under supervision remain twelfth in the country by the end of 2020 (savings banks not included in totals below). The table is sorted by total state charter assets and dollar figures are in millions. \n \nPage 5 \n \n2020 Annual Report \n \n Financial Institution Supervision \nState-Chartered Bank Financial Summary \n \n2020 Annual Report \n \nPage 6 \n \n Financial Institution Supervision \nSTATE-CHARTERED CREDIT UNION STATISTICS \nThe number of Georgia state-chartered credit unions increased by one to a total of 49 and statechartered credit union assets grew by roughly $4.8 billion to a total just under $26 billion at the end of 2020. The number of state-chartered credit unions now exceeds the number of federal-chartered credit unions in Georgia. A five-year financial performance summary for Georgia state-chartered credit unions can be found on Page 8 of this Report. \n \nPage 7 \n \n2020 Annual Report \n \n Financial Institution Supervision \nState-Chartered Credit Union Financial Summary \n \n2020 Annual Report \n \nPage 8 \n \n Financial Institution Supervision \nExamination Districts and Work Areas \n \nThe above map is primarily for the purpose of exhibiting geographical district boundaries based on current institution assignments. However, some districts may have institutions assigned in other areas of the state due to multibank holding companies and/or district workload and scheduling issues. Note: District 3 was merged into Districts 1 and 2 on December 31, 2010. \n \nPage 9 \n \n2020 Annual Report \n \n Non-Depository Financial Institution Supervision \nMORTGAGE LICENSEE AND REGISTRANT STATISTICS \nArticle 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated (O.C.G.A.) requires all persons who transact business as a residential mortgage lender, broker, processor or loan originator be licensed or registered with the Department, unless they are exempt. At the end of 2020, active mortgage licensees and registrants totaled 23,625, representing a net increase of 3,869 or roughly 20 percent from the previous year. The year-over-year increase is largely due to heightened demand for mortgage loan originator licenses, which reflects the continuation of a longer-term trend. \n \n2020 Annual Report \n \nPage 10 \n \n Non-Depository Financial Institution Supervision \nMONEY SERVICE BUSINESSES STATISTICS \nUnless otherwise exempt, anyone that engages in the cashing of payment instruments for a fee must be licensed by the Department under Article 4A of Title 7 of the O.C.G.A. Unless otherwise exempt, anyone that engages in the sale of payment instruments or money transmission must be licensed by the Department under Article 4 of Chapter 1 of Title 7 of the O.C.G.A. At the end of 2020, the number of money service businesses (MSB) licensed by the Department totaled 1,033, a net increase of two licensees from the previous year. \n \nPage 11 \n \n2020 Annual Report \n \n Non-Depository Financial Institution Supervision \nINSTALLMENT LENDER STATISTICS \nGovernor Kemp signed Senate Bill 462 into law on June 30, 2020, and it went into effect on July 1, 2020. The bill transferred the regulation of consumer installment loans of $3,000 or less from the Office of the Insurance Commissioner to the Department. Generally speaking, the bill overlays the regulatory processes that apply to the other non-depository businesses licensed by the Department and applies them to the installment lending business. The primary motivation in transferring the regulation of installment loans to the Department was to obtain efficiencies in the regulation of the industry and, as a result, the bill makes numerous statutory changes. Installment lenders are licensed and subject to regulation by the Department under Chapter 3 of Title 7 of the O.C.G.A. \nAt the end of 2020, the number of installment lenders licensed by the Department totaled 154. \n \n2020 Annual Report \n \nPage 12 \n \n Administration \nFISCAL YEAR 2020 RECEIPTS AND DISBURSEMENTS \n \nNOTE: Revenues of the Department are collected and remitted to the Office of the State Treasurer. The level of the Department's expenditures is subject to the state's budgetary process. \n \nPage 13 \n \n2020 Annual Report \n \n SUMMARY OF ACTIVITIES \nFOR STATE-CHARTERED FINANCIAL INSTITUTIONS AND OTHER ENTITIES REGULATED BY, LICENSED BY, OR REGISTERED \nWITH THE DEPARTMENT OF BANKING AND FINANCE DURING 2020 \n \n2020 Annual Report \n \nPage 14 \n \n Benefits of the State Charter \n$ Local, Responsive, and Timely Decision Making \nState-chartered financial institutions have access to local decision makers in Georgia who are familiar with their unique marketplace and competitive environment. Decision makers in our Atlanta office and in field offices located around the state are easily reached for timely responses to questions and concerns from state-chartered institutions. \n$ Local Community and Market Knowledge \nExamination staff live in the districts where they work and are familiar with the local markets and communities. The Department's culture promotes decision-making by staff that have first-hand knowledge of your financial institution but with quick access for escalation to the Commissioner, when necessary, to ensure responsive and timely action on issues of concern to you. \n$ Effective Regulation and Supervision \nThe Commissioner believes that all financial institutions deserve right-sized regulation and supervision scaled to their size, complexity, and risk profile. The Department is nationally accredited through the Conference of State Bank Supervisors (CSBS) and the National Association of State Chartered Credit Union Supervisors (NASCUS) to ensure that \"best practice\" regulation and supervision principles are implemented. Supervisory activities of the Department are conducted in coordination with federal and other state regulators, as applicable, through joint examinations and interstate cooperative agreements to deliver a seamless supervisory experience that minimizes duplication and regulatory burden. \n$ Efficient Regulation and Supervision \nAnnual regulatory fees and assessments to cover costs of the Department's regulation and supervision activities are typically far less than those charged to comparable federally-chartered financial institutions. \n$ Powers Comparable or Superior to Federal Charters \nState-chartered financial institutions frequently enjoy powers that equal or exceed those available to federally-chartered financial institutions. To maintain competitiveness of the state charter, the Department routinely assesses laws and regulations, in coordination with the industry and our federal regulatory peers, to identify opportunities to expand powers or reduce unnecessary regulatory burden. O.C.G.A.  7-1-296 and 7-1-671 provide that a state-chartered bank or credit union may exercise any power available to a similar federally-chartered financial institution so long as the bank or credit union provides advance notice and the Department offers no objection to the exercise of such power. \nFirm, but fair, right-sized regulation and supervision are guiding principles for promoting safe, sound, competitive \nfinancial services in Georgia. \n \nPage 15 \n \n2020 Annual Report \n \n Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, \nresponsive regulation and supervision. \nOur Vision is to be a willing and able partner with our regulated entities in order to support vibrant \neconomic growth and prosperity in Georgia. \n \n2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 \nPhone: (770) 986-1633 Toll-free: (888) 986-1633 \n \nDEPARTMENT OF BANKING AND FINANCE \nVisit us on the web at: dbf.georgia.gov \n \n "},{"id":"dlg_ggpd_y-ga-bb100-b-pa1-b2019-belec-p-btext","title":"Annual report, 2019","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":null,"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. 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Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-bb100-b-pa1-b2019-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-bb100-b-pa1-b2019-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["annual reports"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" This page is intentionally left blank \n \n State of Georgia \nDepartment of Banking and Finance \nANNUAL REPORT \nFor Year Ending December 31, 2019 \nBrian P. Kemp Governor \nKevin B. Hagler, CEM Commissioner \n \n Table of Contents \n \nMessage from the Commissioner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n1 \n \nOrganizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n3 \n \nFinancial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n4 \n \nState-Chartered Banking Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n4 \n \nState-Chartered Bank Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n6 \n \nState-Chartered Credit Union Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n7 \n \nState-Chartered Credit Union Financial Summary . . . . . . . . . . . . . . . . . . . . . . \n \n8 \n \nExamination Districts and Work Areas (Map) . . . . . . . . . . . . . . . . . . . . . . . . \n \n9 \n \nNon-Depository Financial Institution Supervision . . . . . . . . . . . . . . . . . . . . . \n \n10 \n \nMortgage Licensee Statistics . . . . . . . . . . . . . . . . . . . . . . . . \n \n10 \n \nMoney Service Businesses Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n11 \n \nAdministration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n12 \n \nFiscal Year Receipts and Disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n12 \n \nSummary of Activities for State-Chartered Financial Institutions and Other Entities . . . \n \n13 \n \nRegulated by, Licensed by, or Registered with the Department of Banking and Finance \n \nDuring 2019 \n \nBenefits of the State Charter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n \n14 \n \n Message from the \nCommissioner \n \nThe Department proudly celebrated its 100th anniversary this year. On August 16, 1919, Governor Hugh M. Dorsey signed legislation creating the State Department of Banking, and on January 1, 1920, the Department opened its doors under the leadership of Superintendent of Banks T.R. Bennett. Prior to the creation of a stand-alone banking department, the Banking Bureau and its examiners operated under the State Treasurer. In 1972, a statutory reorganization renamed the State Department of Banking to the current Department of Banking and Finance, and the title of superintendent was replaced with commissioner. This reorganization, which recognized that the Department's purview had extended well beyond banking regulation, is why the Department's seal indicates that the Department was formed in 1972 as opposed to 1919. The Department's first Annual Report included the following quote from Superintendent Bennett \"When the first Acts were passed (1890 and 1907), there were fifty-two banks operating in the State, having total assets of about $25MM, and adequate laws were not enacted until thirty years later, when the banking assets of State Banks and Trust Companies had reached over $350MM. Therefore, none could better realize the vital importance of a Department of Banking and proper supervision, than the bankers of the State; not only for the protection of bankers, but that the patrons of banks should have protection of the State in handling of their funds.\" It is important to note that the Department's mission has remained consistent over these one hundred years as we continue to work hard each day to support a safe and sound banking environment that benefits the citizens of Georgia and promotes economic development. \nGeorgia's banks performed well in 2019 with strong asset growth and earnings, and we welcomed two de novo banks with the opening of Tandem Bank, Tucker, in September, and Loyal Trust Bank, Johns Creek, in November. The bank portfolio also saw a high level of merger activity highlighted by the acquisition of SunTrust Bank, Atlanta by BB\u0026T, Winston-Salem, North Carolina, which garnered significant national attention as the largest banking merger since the Great Recession. This merger alone accounts for the significant shift in the bank summary financials contained in this report. \nCredit unions in the state continued to grow and now represent over $21 billion in total assets under the Department's supervision. In January we welcomed Go Energy Financial Credit Union (f/k/a GEMC Credit Union), Tucker, to the family of state-chartered credit unions. \nGrowth in the non-depository portfolio remained strong in 2019 with a 5% increase year-over-year in the total number of licensees driven by demand for mortgage loan originator licenses. Mortgage lenders, brokers, loan originators, and registrants totaled 19,756 at the end of the year. The number of licensed money service businesses remained relatively stable on the whole with a slight decline \n \nPage 1 \n \n2019 Annual Report \n \n Message from the \nCommissioner \nin the number of check cashers and an uptick in the number of sellers of payment instruments, which is directly attributable to the growth in fintech companies. The Department's continued work with the credit union task force, a public/private partnership with the credit union industry, along with collaborative efforts with representatives of the banking industry and the non-depository industry resulted in the enactment of the Department's housekeeping bill (HB 185, Bruce Williamson of the 115th) for the 2019 legislative session. The bill revised statutory provisions related to the majority of entities regulated by the Department  banks, credit unions, mortgage lenders and brokers, mortgage loan originators, and money service businesses  as well as certain provisions addressing the Department's general powers. Generally speaking, the revisions focused on modernizing the Code and eliminating antiquated requirements or provisions found in Title 7. Of particular interest, in an effort to ensure that consumers' deposits maintain federal insurance when a credit union acquires a bank, the bill provides that if a bank is acquired by a credit union the bank's customers are deemed members of the credit union upon consummation of the transaction. \nKevin B. Hagler, CEM Commissioner \n \n2019 Annual Report \n \nPage 2 \n \n Organizational Structure \nThe Department of Banking and Finance (Department) is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of merchant acquirer limited purpose banks (MALPBs) chartered in Georgia. \nIn addition, the Department has regulatory and/or licensing authority over mortgage lenders, brokers, processors, and loan originators, as well as check cashers, sellers of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia. \nThe Department is headed by a Commissioner who is appointed by the Governor to serve a fouryear term. Functionally, the Commissioner reports directly to the state's Chief Financial Officer, who reports to the Governor. Commissioner Kevin B. Hagler is assisted by Senior Deputy Commissioner Steve Pleger. The Department's operations are divided along functional lines: Financial Institution Supervision, Non-Depository Financial Institution Supervision, Legal Affairs, and Administration. Each of these divisions is headed by a Deputy Commissioner. \nDEPARTMENT OF BANKING AND FINANCE \n \nKevin B. Hagler COMMISSIONER \nSteve Pleger Senior Deputy Commissioner \n \nFINANCIAL INSTITUTION SUPERVISION \n(Banks, MALPBs, Credit Unions, Trust Companies, Foreign Banking Organizations, Holding Companies; Financial Institutions \nApplications, Chartering) \nMelissa K. Sneed Deputy Commissioner for \nSupervision \nPage 3 \n \nLEGAL AFFAIRS \n(Legislative Drafting \u0026 Rulemaking/Legal Interpretation, Administrative Proceedings) \n \nNON-DEPOSITORY FINANCIAL INSTITUTION SUPERVISION \n(Mortgage Brokers, Lenders, Processors, Loan Originators, Money Service Businesses) \n \nADMINISTRATION \n(Human Resources, Accounting, and Budget) \n \nOscar B. Fears, III Deputy Commissioner for \nLegal Affairs \n \nRod Carnes Deputy Commissioner for Non-Depository Financial \nInstitutions \n \nRenee Martin Deputy Commissioner for \nAdministration \n2019 Annual Report \n \n Financial Institution Supervision \n \nSTATE-CHARTERED BANKING STATISTICS \nAt the end of 2019, the number of Georgia state-chartered banks totaled 128, representing a net decrease of 11 banks from the previous year. While two new state-chartered banks opened in 2019, the net decrease resulted from 12 state-chartered banks merging out of existence and one statechartered bank self-liquidating. A five-year financial performance summary for Georgia statechartered banks can be found on Page 5 of this Report. \n \nGeorgia Banks by Type of Charter \n200 \n \n175 \n \n159 \n \n150 \n \n125 \n \n149 \n \n145 \n \n139 \n \n128 \n \n100 \n \n75 \n \n50 \n \n24 \n \n25 \n \n12 \n \n22 12 \n \n20 12 \n \n20 10 \n \n22 10 \n \n0 \n \n2015 \n \n2016 State Charter \n \n2017 National Charter \n \n2018 Federal Thrift/Savings Bank Charter \n \n2019 \n \nBANK HOLDING COMPANIES \n \nA total of 106 bank holding companies were supervised by, or registered with, the Department at the end of 2019, representing a decrease of eight from 114 in the previous year. This decline is attributed to the bank merger activity mentioned above. \n \nTRUST COMPANIES \nTrust activities continue to be conducted principally by bank trust departments. There is one statechartered non-depository trust company in Georgia that is an independent trust company (Reliance Trust Company, Atlanta). \n \nREPRESENTATIVE OFFICES OF BANKS AND BANK HOLDING COMPANIES \nA representative office is an office established by a bank, a bank holding company, or an agent or subsidiary of either for the purpose of conducting activities other than a banking business. A representative office is not considered to be a main office or a branch office. There were 50 representative offices registered in Georgia at the end of 2019, unchanged from the prior year. \n \nFOREIGN BANKING ORGANIZATIONS \nFour international representative offices were registered with the Department at the end of 2019. This number is unchanged from the prior year. \n \n2019 Annual Report \n \nPage 4 \n \n Financial Institution Supervision \nSTATE-CHARTERED BANKING STATISTICS As shown in the table below, Georgia state-chartered commercial bank assets under supervision decreased as a result of SunTrust's merger with BB\u0026T (North Carolina) to twelfth in the country by the end of 2019 (savings banks not included in totals below). The table is sorted by total state charter assets and dollar figures are in millions. \n \nPage 5 \n \n2019 Annual Report \n \n Financial Institution Supervision \nState-Chartered Bank Financial Summary \n \n2019 Annual Report \n \nPage 6 \n \n Financial Institution Supervision \nSTATE-CHARTERED CREDIT UNION STATISTICS \nThe number of Georgia state-chartered credit unions increased by one to a total of 48 and statechartered credit union assets grew by roughly $1 billion to a total just over $21 billion at the end of 2019. A five-year financial performance summary for Georgia state-chartered credit unions can be found on Page 7 of this Report. \n \nPage 7 \n \n2019 Annual Report \n \n Financial Institution Supervision \nState-Chartered Credit Union Financial Summary \n \n2019 Annual Report \n \nPage 8 \n \n Financial Institution Supervision \nExamination Districts and Work Areas \n \nThe above map is primarily for the purpose of exhibiting geographical district boundaries based on current institution assignments. However, some districts may have institutions assigned in other areas of the state due to multibank holding companies and/or district workload and scheduling issues. Note: District 3 was merged into Districts 1 and 2 on December 31, 2010. \n \nPage 9 \n \n2019 Annual Report \n \n Non-Depository Financial Institution Supervision \nMORTGAGE LICENSEE AND REGISTRANT STATISTICS Article 13 of Title 7 of the Official Code of Georgia Annotated (O.C.G.A.) requires all persons who transact business as a residential mortgage lender, broker, processor or loan originator be licensed or registered with the Department, unless they are exempt. At the end of 2019, active mortgage licensees and registrants totaled 19,756, representing a net increase of 881 or roughly 5 percent from the previous year. The year-over-year increase is largely due to heightened demand for mortgage loan originator licenses, which reflects the continuation of a longer-term trend. \n \n2019 Annual Report \n \nPage 10 \n \n Non-Depository Financial Institution Supervision \nMONEY SERVICE BUSINESSES STATISTICS Unless otherwise exempt, anyone that engages in the cashing of payment instruments for a fee must be licensed by the Department under Article 4A of Title 7 of the O.C.G.A. Unless otherwise exempt, anyone that engages in the sale of payment instruments or money transmission must be licensed by the Department under Article 4 of Title 7 of the O.C.G.A. At the end of 2019, the number of money service businesses (MSB) licensed by the Department totaled 1,031, a net decrease of nine licensees from the previous year. \n \nPage 11 \n \n2019 Annual Report \n \n Administration \nFISCAL YEAR 2019 RECEIPTS AND DISBURSEMENTS \n \nNOTE: Revenues of the Department are collected and remitted to the Office of the State Treasurer. The level of the Department's expenditures is subject to the state's budgetary process. \n \n2019 Annual Report \n \nPage 12 \n \n SUMMARY OF ACTIVITIES \nFOR STATE-CHARTERED FINANCIAL INSTITUTIONS AND OTHER ENTITIES REGULATED BY, LICENSED BY, OR REGISTERED \nWITH THE DEPARTMENT OF BANKING AND FINANCE DURING 2019 \n \nPage 13 \n \n2019 Annual Report \n \n Benefits of the State Charter \n$ Local, Responsive, and Timely Decision Making \nState-chartered financial institutions have access to local decision makers in Georgia who are familiar with their unique marketplace and competitive environment. Decision makers in our Atlanta office and in field offices located around the state are easily reached for timely responses to questions and concerns from state-chartered institutions. \n$ Local Community and Market Knowledge \nExamination staff live in the districts where they work and are familiar with the local markets and communities. The Department's culture promotes decision-making by staff that have first-hand knowledge of your financial institution but with quick access for escalation to the Commissioner, when necessary, to ensure responsive and timely action on issues of concern to you. \n$ Effective Regulation and Supervision \nThe Commissioner believes that all financial institutions deserve right-sized regulation and supervision scaled to their size, complexity, and risk profile. The Department is nationally accredited through the Conference of State Bank Supervisors (CSBS) and the National Association of State Chartered Credit Union Supervisors (NASCUS) to ensure that \"best practice\" regulation and supervision principles are implemented. Supervisory activities of the Department are conducted in coordination with federal and other state regulators, as applicable, through joint examinations and interstate cooperative agreements to deliver a seamless supervisory experience that minimizes duplication and regulatory burden. \n$ Efficient Regulation and Supervision \nAnnual regulatory fees and assessments to cover costs of the Department's regulation and supervision activities are typically far less than those charged to comparable federally-chartered financial institutions. \n$ Powers Comparable or Superior to Federal Charters \nState-chartered financial institutions frequently enjoy powers that equal or exceed those available to federally-chartered financial institutions. To maintain competitiveness of the state charter, the Department routinely assesses laws and regulations, in coordination with the industry and our federal regulatory peers, to identify opportunities to expand powers or reduce unnecessary regulatory burden. O.C.G.A. 7-1-296 and 7-1-671 provide that a state-chartered bank or credit union may exercise any power available to a similar federally-chartered financial institution so long as the bank or credit union provides advance notice and the Department offers no objection to the exercise of such power. \nFirm, but fair, right-sized regulation and supervision are guiding principles for promoting safe, sound, competitive \nfinancial services in Georgia. \n \n2019 Annual Report \n \nPage 14 \n \n Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, \nresponsive regulation and supervision. \nOur Vision is to be a willing and able partner with our regulated entities in order to support vibrant \neconomic growth and prosperity in Georgia. \n \n2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 \nPhone: (770) 986-1633 Toll-free: (888) 986-1633 \n \nDEPARTMENT OF BANKING AND FINANCE \nVisit us on the web at: dbf.georgia.gov \n \n "},{"id":"dlg_ggpd_y-ga-bb100-b-pa1-b2018-belec-p-btext","title":"Annual report, 2018","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":null,"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Banking and Finance"],"dc_date":["2019"],"dcterms_description":["Began with: 1972.","Title appeared on spine of print version only, 1998. From some providers, other issues digitized from the print may also be missing title source.","Use copy Restrictions unspecified star MiAaHDL","Numbering dropped, \u003c1998-\u003e","Report year ends December 31.","Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2015. MiAaHDL","Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL","Description based on print version record.","Latest issue consulted: 2018 (publisher's Web site, viewed June 15, 2020)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Banking and Finance"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia. Department of Banking and Finance--Periodicals","Georgia. Department of Banking and Finance","Banks and banking--Georgia--Statistics--Periodicals","Financial institutions--Georgia--Statistics--Periodicals","Banks and banking","Financial institutions","Georgia","Periodicals","Statistics"],"dcterms_title":["Annual report, 2018"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-bb100-b-pa1-b2018-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-bb100-b-pa1-b2018-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["annual reports"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" This page is intentionally left blank \r\n \r\n State of Georgia \r\nDepartment of Banking and Finance \r\nANNUAL REPORT \r\nFor Year Ending December 31, 2018 \r\nBrian P. Kemp Governor \r\nKevin B. Hagler, CEM Commissioner \r\n \r\n Table of Contents \r\n \r\nMessage from the Commissioner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n1 \r\n \r\nOrganizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n2 \r\n \r\nFinancial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n3 \r\n \r\nState-Chartered Banking Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n3 \r\n \r\nState-Chartered Bank Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n5 \r\n \r\nState-Chartered Credit Union Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n6 \r\n \r\nState-Chartered Credit Union Financial Summary . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n7 \r\n \r\nExamination Districts and Work Areas (Map) . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n8 \r\n \r\nNon-Depository Financial Institution Supervision . . . . . . . . . . . . . . . . . . . . . \r\n \r\n9 \r\n \r\nMortgage Licensee Statistics . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n9 \r\n \r\nMoney Service Businesses Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n10 \r\n \r\nAdministration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n11 \r\n \r\nFiscal Year Receipts and Disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n11 \r\n \r\nSummary of Activities for State-Chartered Financial Institutions and Other Entities . . . \r\n \r\n12 \r\n \r\nRegulated by, Licensed by, or Registered with the Department of Banking and Finance \r\n \r\nDuring 2018 \r\n \r\nBenefits of the State Charter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n13 \r\n \r\n Message from the \r\nCommissioner \r\n \r\nGeorgia's banking environment was strong in 2018 and the Department \r\n \r\nproudly welcomed Heritage First Bank (Rome), as a result of a conversion, \r\n \r\ninto the family of state-chartered banks. However, consolidation trends in \r\n \r\nthe banking industry continued with several Georgia banks acquiring out-of- \r\n \r\nstate banks while two merged into other Georgia state-chartered banks, \r\n \r\nthree merged into non-Georgia state-chartered banks, and one merged into \r\n \r\na national bank. Also, there were two Georgia banks acquired by credit \r\n \r\nunions. Despite an overall reduction in charters, total bank assets under \r\n \r\nthe Department's supervision increased to a total of $308 billion with \r\n \r\nGeorgia banks operating 2,384 branches in 15 states. The Department \r\n \r\nended 2018 with the third largest state-chartered banking portfolio in the \r\n \r\ncountry, trailing only New York and California. \r\n \r\nGeorgia's credit unions continued to grow in 2018 with total assets under the \r\n \r\nKevin B. Hagler \r\n \r\nDepartment's supervision rising to $20 billion. Credit unions did not escape \r\n \r\nthe consolidation trends in the financial industry as mergers led to an overall reduction in charters, \r\n \r\neven though Georgia state-chartered credit unions acquired four federal credit unions and two \r\n \r\nbanks during the year. \r\n \r\nGrowth in the non-depository portfolio remained strong in 2018 driven primarily by the mortgage industry. Mortgage licenses and registrations totaled 18,875, representing growth of 13% year over year. The number of licensed money service businesses remained steady at 1,040 for the year, but that figure reflects an increase in the number of money transmitters and sellers of payment instruments, with a modest decline in the number of check cashers. \r\n \r\nIn other matters, Hurricane Michael caused an estimated $2.5 billion in agriculture losses in Georgia in October 2018. While the impact to Georgia's financial institutions has not yet been fully realized, the Department is actively coordinating with our federal counterparts to provide relief to banks, credit unions, and their impacted customers. The Department's continued work with the credit union task force, a public/private partnership with the credit union industry, along with collaborative efforts with representatives of the banking and non-depository industries resulted in the enactment of the Department's housekeeping bill (HB 780, Bruce Williamson of the 115th) in the 2018 legislative session. HB 780 modernized statutory provisions related to the majority of entities regulated by the Department  banks, credit unions, mortgage lenders and brokers, mortgage loan originators, and money service businesses  as well as certain provisions addressing the Department's general powers. Of particular interest, in an effort to provide parity with favorable enactments at the federal level, HB 780 authorized Georgia financial institutions to exercise powers available to their federal counterparts so long as the bank or credit union provides advance notice and the Department offers no objection to the exercise of such power. \r\n \r\nKevin B. Hagler, CEM Commissioner \r\nPage 1 \r\n \r\n2018 Annual Report \r\n \r\n Organizational Structure \r\nThe Department of Banking and Finance (Department) is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of merchant acquirer limited purpose banks (MALPBs) chartered in Georgia. \r\nIn addition, the Department has regulatory and/or licensing authority over mortgage lenders, brokers, processors, and loan originators, as well as check cashers, sellers of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia. \r\nThe Department is headed by a Commissioner who is appointed by the Governor to serve a fouryear term. Functionally, the Commissioner reports directly to the state's Chief Financial Officer, who reports to the Governor. Commissioner Kevin B. Hagler is assisted by Senior Deputy Commissioner Steve Pleger. The Department's operations are divided along functional lines: Financial Institution Supervision, Non-Depository Financial Institution Supervision, Legal Affairs, and Administration. Each of these divisions is headed by a Deputy Commissioner. \r\n \r\n2018 Annual Report \r\n \r\nPage 2 \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED BANKING STATISTICS \r\nAt the end of 2018, the number of Georgia state-chartered banks totaled 139, representing a net decrease of six banks from the previous year. This decrease resulted from six state-chartered banks merging out of existence while one national-chartered bank converted to a state-chartered bank and one state-chartered bank voluntarily self-liquidated. Despite the decrease in number, total assets for Georgia state-chartered banks increased by roughly $10 billion to a total of $308 billion at the end of 2018. A five-year financial performance summary for Georgia state-chartered banks can be found on Page 5 of this Report. \r\n \r\nBANK HOLDING COMPANIES \r\nA total of 114 bank holding companies were supervised by, or registered with, the Department at the end of 2018, representing a modest decrease from 119 in the previous year. This decline is attributed to the bank merger activity mentioned above. \r\nTRUST COMPANIES \r\nTrust activities continue to be conducted principally by bank trust departments. There is one statechartered non-depository trust company in Georgia that is an independent trust company (Reliance Trust Company, Atlanta). \r\nREPRESENTATIVE OFFICES OF BANKS AND BANK HOLDING COMPANIES \r\nA representative office is an office established by a bank, a bank holding company, or an agent or subsidiary of either for the purpose of conducting activities other than a banking business. A representative office is not considered to be a main office or a branch office. There were 50 representative offices registered in Georgia at the end of 2018, unchanged from the prior year. \r\nFOREIGN BANKING ORGANIZATIONS \r\nFour international representative offices were registered with the Department at the end of 2018. This number is unchanged from the prior year. \r\n \r\nPage 3 \r\n \r\n2018 Annual Report \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED BANKING STATISTICS \r\nAs shown in the table below, Georgia state-chartered commercial bank assets under supervision increased to third in the country by the end of 2018 (savings banks not included in totals below). The table is sorted by total state charter assets and dollar figures are in millions. \r\n \r\n2018 Annual Report \r\n \r\nPage 4 \r\n \r\n Financial Institution Supervision \r\nState-Chartered Bank Financial Summary \r\n \r\nPage 5 \r\n \r\n2018 Annual Report \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED CREDIT UNION STATISTICS \r\nThe number of Georgia state-chartered credit unions declined by two to a total of 47, but credit union assets grew by roughly $1 billion to a total just over $20 billion at the end of 2018. A five-year financial performance summary for Georgia state-chartered credit unions can be found on Page 7 of this Report. \r\n \r\n2018 Annual Report \r\n \r\nPage 6 \r\n \r\n Financial Institution Supervision \r\nState-Chartered Credit Union Financial Summary \r\n \r\nPage 7 \r\n \r\n2018 Annual Report \r\n \r\n Financial Institution Supervision \r\nExamination Districts and Work Areas \r\n \r\nDISTRICT Main Office 1 - Northwest 2 - Northeast/Central 4 - Southeast 5 - Southwest \r\n \r\nLOCATION Atlanta Woodstock Loganville Dublin Ti on \r\n \r\nMain Office Location District Field Office Locations \r\nThe above map is primarily for the purpose of exhibiting geographical district boundaries based on current institution assignments. However, some districts may have institutions assigned in other areas of the state due to multibank holding companies and/or district workload and scheduling issues. Note: District 3 was merged into Districts 1 and 2 on December 31, 2010. \r\n \r\n2018 Annual Report \r\n \r\nPage 8 \r\n \r\n Non-Depository Financial Institution Supervision \r\nMORTGAGE LICENSEE AND REGISTRANT STATISTICS \r\nArticle 13 of Title 7 of the Official Code of Georgia Annotated (O.C.G.A.) requires all persons who transact business as a residential mortgage lender, broker, processor or loan originator be licensed or registered with the Department, unless they are exempt. At the end of 2018, active mortgage licensees and registrants totaled 18,875, representing a net increase of 2,213 or roughly 13 percent from the previous year. The year-over-year increase is largely due to heightened demand for mortgage loan originator licenses, which reflects the continuation of a longer-term trend. \r\n \r\nPage 9 \r\n \r\n2018 Annual Report \r\n \r\n Non-Depository Financial Institution Supervision \r\nMONEY SERVICE BUSINESSES STATISTICS \r\nUnless otherwise exempt, anyone that engages in the cashing of payment instruments for a fee must be licensed by the Department under Article 4A of Title 7 of the O.C.G.A. Unless otherwise exempt, anyone that engages in the sale of payment instruments or money transmission must be licensed by the Department under Article 4 of Title 7 of the O.C.G.A. At the end of 2018, the number of money service businesses (MSB) licensed by the Department totaled 1,040, unchanged from the previous year. \r\n \r\n2018 Annual Report \r\n \r\nPage 10 \r\n \r\n Administration \r\nFISCAL YEAR 2018 RECEIPTS AND DISBURSEMENTS \r\n \r\nNOTE: Revenues of the Department are collected and remitted to the Office of the State Treasurer. The level of the Department's expenditures is subject to the state's budgetary process. \r\n \r\nPage 11 \r\n \r\n2018 Annual Report \r\n \r\n SUMMARY OF ACTIVITIES \r\nFOR STATE-CHARTERED FINANCIAL INSTITUTIONS AND OTHER ENTITIES REGULATED BY, LICENSED BY, OR REGISTERED \r\nWITH THE DEPARTMENT OF BANKING AND FINANCE DURING 2018 \r\n \r\n2018 Annual Report \r\n \r\nPage 12 \r\n \r\n Benefits of the State Charter \r\n$ Local, Responsive, and Timely Decision Making \r\nState-chartered financial institutions have access to local decision makers in Georgia who are familiar with their unique marketplace and competitive environment. Decision makers in our Atlanta office and in field offices located around the state are easily reached for timely responses to questions and concerns from state-chartered institutions. \r\n$ Local Community and Market Knowledge \r\nExamination staff live in the districts where they work and are familiar with the local markets and communities. The Department's culture promotes decision-making by staff that have first-hand knowledge of your financial institution but with quick access for escalation to the Commissioner, when necessary, to ensure responsive and timely action on issues of concern to you. \r\n$ Effective Regulation and Supervision \r\nThe Commissioner believes that all financial institutions deserve right-sized regulation and supervision scaled to their size, complexity, and risk profile. The Department is nationally accredited through the Conference of State Bank Supervisors (CSBS) and the National Association of State Chartered Credit Union Supervisors (NASCUS) to ensure that \"best practice\" regulation and supervision principles are implemented. Supervisory activities of the Department are conducted in coordination with federal and other state regulators, as applicable, through joint examinations and interstate cooperative agreements to deliver a seamless supervisory experience that minimizes duplication and regulatory burden. \r\n$ Efficient Regulation and Supervision \r\nAnnual regulatory fees and assessments to cover costs of the Department's regulation and supervision activities are typically far less than those charged to comparable federally-chartered financial institutions. \r\n$ Powers Comparable or Superior to Federal Charters \r\nState-chartered financial institutions frequently enjoy powers that equal or exceed those available to federally-chartered financial institutions. To maintain competitiveness of the state charter, the Department routinely assesses laws and regulations, in coordination with the industry and our federal regulatory peers, to identify opportunities to expand powers or reduce unnecessary regulatory burden. HB 780 provides that a state-chartered bank or credit union may exercise any power available to a similar federally-chartered financial institution so long as the bank or credit union provides advance notice and the Department offers no objection to the exercise of such power. \r\nFirm, but fair, right-sized regulation and supervision are guiding principles for promoting safe, sound, competitive \r\nfinancial services in Georgia. \r\n \r\nPage 13 \r\n \r\n2018 Annual Report \r\n \r\n Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, \r\nresponsive regulation and supervision. \r\nOur Vision is to be a willing and able partner with our regulated entities in order to support vibrant \r\neconomic growth and prosperity in Georgia. \r\n \r\n2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 \r\nPhone: (770) 986-1633 Toll-free: (888) 986-1633 \r\n \r\nDEPARTMENT OF BANKING AND FINANCE \r\nVisit us on the web at: dbf.georgia.gov \r\n \r\n "},{"id":"dlg_ggpd_y-ga-bb100-b-pa1-b2017-belec-p-btext","title":"Annual report, 2017","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":null,"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. 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Department of Banking and Finance"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Georgia. Department of Banking and Finance--Periodicals","Georgia. Department of Banking and Finance","Banks and banking--Georgia--Statistics--Periodicals","Financial institutions--Georgia--Statistics--Periodicals","Banks and banking","Financial institutions","Georgia","Periodicals","Statistics"],"dcterms_title":["Annual report, 2017"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-bb100-b-pa1-b2017-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-bb100-b-pa1-b2017-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["annual reports"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" This page is intentionally left blank \r\n \r\n State of Georgia \r\nDepartment of Banking and Finance \r\nANNUAL REPORT \r\nFor Year Ending December 31, 2017 \r\nNathan Deal Governor \r\nKevin B. Hagler, CEM Commissioner \r\n \r\n Table of Contents \r\n \r\nMessage from the Commissioner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n1 \r\n \r\nOrganizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n3 \r\n \r\nFinancial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n4 \r\n \r\nState-Chartered Banking Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n5 \r\n \r\nState-Chartered Bank Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n6 \r\n \r\nState-Chartered Credit Union Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n7 \r\n \r\nState-Chartered Credit Union Financial Summary . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n8 \r\n \r\nExamination Districts and Work Areas (Map) . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n9 \r\n \r\nNon-Depository Financial Institution Supervision . . . . . . . . . . . . . . . . . . . . . \r\n \r\n10 \r\n \r\nMortgage Licensee and Registrant Statistics . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n10 \r\n \r\nMoney Service Businesses Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n11 \r\n \r\nAdministration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n12 \r\n \r\nFiscal Year Receipts and Disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n12 \r\n \r\nSummary of Activities for State-Chartered Financial Institutions and Other Entities . . . \r\n \r\n13 \r\n \r\nRegulated by, Licensed by, or Registered with the Department of Banking and Finance \r\n \r\nDuring 2017 \r\n \r\nBenefits of the State Charter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n14 \r\n \r\n Message from the \r\nCommissioner \r\n \r\nYears of moderate, steady improvement in Georgia's banking industry culminated in a significant milestone in 2017; the first full year without a bank closure in Georgia since the Great Recession. August of 2008 through August of 2016 bookends a dark chapter in which 81 statechartered banks were closed alongside 10 federally-chartered banks. While some banks in the state continue to work through legacy issues from the recession, and the number of state-chartered banks has declined to 145, the industry as a whole is much stronger than it was pre-recession with higher capital positions, far less reliance on concentrations in acquisition, development, and construction lending, and improved risk management. Despite a decline in the total number, state-chartered banks have grown by $19 billion in total assets since year-end 2008, reflecting not just larger size but expanded capacity and capabilities to meet the growing needs of Georgia's economy. \r\n \r\nKevin B. Hagler \r\n \r\nConsolidation in the bank portfolio due to merger activity slowed to 5 transactions in 2017 compared to 9 in 2016 and 13 in 2015 - but a backfilling of the industry by de novo banks in Georgia remains conspicuously absent, though conversations with interested groups have notably increased. The Department welcomed FNB South, Alma into the family of state-chartered banks with its conversion from a national bank charter. The Department has the fifth largest banking portfolio in the country measured by total assets under supervision, and regulates 82 percent of all banks headquartered in the state. \r\n \r\nThe number of state-chartered credit unions remained unchanged from the previous year at 49, but the portfolio grew by $1.3 billion in total assets reflecting solid growth. Merger activity in the credit union portfolio slowed, with just one transaction in 2017 down from four in 2016. The Department welcomed Coosa Valley Credit Union, Rome, to the family of state-chartered credit unions with its conversion from a federal charter. \r\n \r\nNon-depository financial institution licenses under the Department's regulatory oversight grew to 17,702 in 2017. Strong demand for mortgage loan originator licenses continues with a year-overyear increase of 20 percent. In fact, the number of mortgage loan originator licenses has nearly doubled in five years, and now stands at 15,561. The Department also continues to see strong growth in the number of mortgage companies licensed in Georgia. The number of licensed money service businesses continues to decline slightly year-over-year driven primarily by a decline in the number of licensed check cashers. In 2017 we saw a slight increase in seller of payment instrument licenses and a slight decline in money transmitter licenses, due in part to fintech companies moving from one license type to the other as their business offerings expand. \r\n \r\nPage 1 \r\n \r\n2017 Annual Report \r\n \r\n Message from the \r\nCommissioner \r\nThe culmination of the Department's work with the Code Review Task Force, a public/private partnership with the banking industry, its initiation of a similar working group with the credit union industry, and collaborative efforts with representatives of the mortgage industry resulted in the enactment of the Department's housekeeping bill (HB 143, Bruce Williamson of the 115th) for the 2017 legislative session. The bill revised statutory provisions related to the majority of entities regulated by the Department  banks, credit unions, trust companies, bank holding companies, money service businesses, and mortgage lenders and brokers  as well as certain provisions addressing the Department's general powers. Generally speaking, the revisions focused on modernizing the Code, eliminated antiquated requirements or provisions found in Title 7 to reduce regulatory burden, and provides for greater consumer protection. Of particular interest, the bill authorized the Department to issue stand-alone trust company charters and removed prohibitions against trust companies that are chartered out of state from acting as a fiduciary in this state. In addition, the bill attempted to address long-standing confusion related to the legal lending limit for banks by simplifying the underlying calculation. \r\nKevin B. Hagler, CEM Commissioner \r\n \r\n2017 Annual Report \r\n \r\nPage 2 \r\n \r\n Organizational Structure \r\nThe Department of Banking and Finance (Department) is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of merchant acquirer limited purpose banks (MALPBs) chartered in Georgia. \r\nIn addition, the Department has regulatory and/or licensing authority over mortgage lenders, brokers, processors, and loan originators, as well as check cashers, sellers of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia. \r\nThe Department is headed by a Commissioner who is appointed by the Governor to serve a fouryear term. Functionally, the Commissioner reports directly to the state's Chief Financial Officer, who reports to the Governor. Commissioner Kevin B. Hagler is assisted by Senior Deputy Commissioner Steve Pleger. The Department's operations are divided along functional lines: Financial Institution Supervision, Non-Depository Financial Institution Supervision, Legal Affairs, and Administration. Each of these divisions is headed by a Deputy Commissioner. \r\n \r\nPage 3 \r\n \r\n2017 Annual Report \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED BANKING STATISTICS \r\nAt the end of 2017, the number of Georgia state-chartered banks totaled 145, representing a net decrease of four banks from the previous year. This decrease resulted from five state-chartered banks merging out of existence while one national-chartered bank converted to a state-chartered bank. Despite the decrease in number, total assets for Georgia state-chartered banks increased by roughly $5.0 billion or 1.7 percent to $298.2 billion at the end of 2017. A five-year financial performance summary for Georgia state-chartered banks can be found on Page 6 of this Report. \r\n \r\nBANK HOLDING COMPANIES \r\nA total of 119 bank holding companies were supervised by, or registered with, the Department at the end of 2017, representing a slight decrease from 122 in the previous year. This decline is attributed to the deregistration of three bank holding companies during the year. \r\nTRUST COMPANIES \r\nTrust activities continue to be conducted principally by bank trust departments. There is one statechartered non-depository trust company in Georgia that is an independent trust company (Reliance Trust Company, Atlanta, Georgia). \r\nREPRESENTATIVE OFFICES OF BANKS AND BANK HOLDING COMPANIES \r\nA representative office is an office established by a bank, a bank holding company, or an agent or subsidiary of either for the purpose of conducting activities other than a banking business. A representative office is not considered to be a main office or a branch office. There were 50 representative offices registered in Georgia at the end of 2017. \r\nFOREIGN BANKING ORGANIZATIONS \r\nFour international representative offices were registered with the Department at the end of 2017. The remaining international banking facility licensed by the Department deregistered during the year. \r\n \r\n2017 Annual Report \r\n \r\nPage 4 \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED BANKING STATISTICS \r\nAs shown in the table below, Georgia state-chartered bank assets totaled $298.2 billion and ranked fifth in the country at the end of 2017. NOTE: Savings banks are not included in the asset figures below. \r\n \r\nPage 5 \r\n \r\n2017 Annual Report \r\n \r\n Financial Institution Supervision \r\nState-Chartered Bank Financial Summary \r\n \r\n2017 Annual Report \r\n \r\nPage 6 \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED CREDIT UNION STATISTICS \r\nThe number of Georgia state-chartered credit unions remained unchanged at 49 at the end of 2017, but total assets grew by roughly $1.3 billion or 7.1 percent. A five-year financial performance summary for Georgia state-chartered credit unions can be found on the Page 8 of this Report. \r\n \r\nPage 7 \r\n \r\n2017 Annual Report \r\n \r\n Financial Institution Supervision \r\nState-Chartered Credit Union Financial Summary \r\n \r\n2017 Annual Report \r\n \r\nPage 8 \r\n \r\n Financial Institution Supervision \r\nExamination Districts and Work Areas \r\n \r\nDISTRICT Main Office 1 - Northwest 2 - Northeast/Central 4 - Southeast 5 - Southwest \r\n \r\nLOCATION Atlanta Woodstock Loganville Dublin Ti on \r\n \r\nMain Office Location District Field Office Locations \r\nThe above map is primarily for the purpose of exhibiting geographical district boundaries based on current institution assignments. However, some districts may have institutions assigned in other areas of the state due to multibank holding companies and/or district workload and scheduling issues. Note: District 3 was merged into Districts 1 and 2 on December 31, 2010. \r\n \r\nPage 9 \r\n \r\n2017 Annual Report \r\n \r\n Non-Depository Financial Institution Supervision \r\nMORTGAGE LICENSEE AND REGISTRANT STATISTICS \r\nArticle 13 of Title 7 of the Official Code of Georgia Annotated (O.C.G.A.) requires all persons who transact business as a residential mortgage lender, broker, processor or loan originator be licensed or registered with the Department, unless they are exempt. At the end of 2017, active mortgage licensees and registrants totaled 16,662, representing a net increase of 2,673 or roughly 19.1 percent from the previous year. The year-over-year increase is largely due to heightened demand for mortgage loan originator licenses, which reflects the continuation of a longer-term trend. \r\n \r\n2017 Annual Report \r\n \r\nPage 10 \r\n \r\n Non-Depository Financial Institution Supervision \r\nMONEY SERVICE BUSINESSES STATISTICS \r\nUnless otherwise exempt, anyone that engages in the cashing of payment instruments for a fee must be licensed by the Department under Article 4A of Title 7 of the O.C.G.A. Unless otherwise exempt, anyone that engages in the sale of payment instruments or money transmission must be licensed by the Department under Article 4 of Title 7 of the O.C.G.A. \r\n \r\nAt the end of 2017, the number of money service businesses licensed by the Department totaled 1,040, representing a net decrease of 56 licenses or roughly 5.1 percent from the previous year. The year-over-year decrease is primarily attributable to fewer renewals of check casher licenses, although there was a modest decrease in the number of money transmitter licenses as well. \r\n \r\nPage 11 \r\n \r\n2017 Annual Report \r\n \r\n Administration \r\nFISCAL YEAR 2017 RECEIPTS AND DISBURSEMENTS \r\n \r\nNOTE: Revenues of the Department are collected and remitted to the Office of the State Treasurer. The level of the Department's expenditures is subject to the state's budgetary process. \r\n \r\n2017 Annual Report \r\n \r\nPage 12 \r\n \r\n SUMMARY OF ACTIVITIES \r\nFOR STATE-CHARTERED FINANCIAL INSTITUTIONS AND OTHER ENTITIES REGULATED BY, LICENSED BY, OR REGISTERED \r\nWITH THE DEPARTMENT OF BANKING AND FINANCE DURING 2017 \r\n \r\nPage 13 \r\n \r\n2017 Annual Report \r\n \r\n Benefits of the State Charter \r\n$ Local, Responsive, and Timely Decision Making \r\nState-chartered financial institutions have access to local decision makers in Georgia who are familiar with their unique marketplace and competitive environment. Decision makers in our Atlanta office and in field offices located around the state are easily reached for timely responses to questions and concerns from state-chartered institutions. \r\n$ Local Community and Market Knowledge \r\nExamination staff live in the districts where they work and are familiar with the local markets and communities. The Department's culture promotes decision-making by staff that have first-hand knowledge of your financial institution but with quick access for escalation to the Commissioner, when necessary, to ensure responsive and timely action on issues of concern to you. \r\n$ Effective Regulation and Supervision \r\nThe Commissioner believes that all financial institutions deserve right-sized regulation and supervision scaled to their size, complexity, and risk profile. The Department is nationally accredited through the Conference of State Bank Supervisors (CSBS) and the National Association of State Chartered Credit Union Supervisors (NASCUS) to ensure that \"best practice\" regulation and supervision principles are implemented. Supervisory activities of the Department are conducted in coordination with federal and other state regulators, as applicable, through joint examinations and interstate cooperative agreements to deliver a seamless supervisory experience that minimizes duplication and regulatory burden. \r\n$ Efficient Regulation and Supervision \r\nAnnual regulatory fees and assessments to cover costs of the Department's regulation and supervision activities are typically far less than those charged to comparable federally-chartered financial institutions. \r\n$ Powers Comparable or Superior to Federal Charters \r\nState-chartered financial institutions frequently enjoy powers that equal or exceed those available to federally-chartered financial institutions. To maintain competitiveness of the state charter, the Department routinely assesses laws and regulations, in coordination with the industry and our federal regulatory peers, to identify opportunities to expand powers or reduce unnecessary regulatory burden. A recent example: on May 3, 2018, Governor Deal signed House Bill 780 into law, which provides that a state-chartered bank or credit union may exercise any power available to a similar federally-chartered financial institution so long as the bank or credit union provides advance notice and the Department offers no objection to the exercise of such power. \r\nFirm, but fair, right-sized regulation and supervision are guiding principles for promoting safe, sound, competitive \r\nfinancial services in Georgia. \r\n \r\n2017 Annual Report \r\n \r\nPage 14 \r\n \r\n Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, \r\nresponsive regulation and supervision. \r\nOur Vision is to be a willing and able partner with our regulated entities in order to support vibrant \r\neconomic growth and prosperity in Georgia. \r\n \r\n2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 \r\nPhone: (770) 986-1633 Toll-free: (888) 986-1633 \r\n \r\nDEPARTMENT OF BANKING AND FINANCE \r\nVisit us on the web at: dbf.georgia.gov \r\n \r\n "},{"id":"dlg_ggpd_y-ga-bb100-b-pa1-b2016-belec-p-btext","title":"Annual report, 2016","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":null,"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. 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Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-bb100-b-pa1-b2016-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-bb100-b-pa1-b2016-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["annual reports"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" This page is intentionally left blank \r\n \r\n State of Georgia \r\nDepartment of Banking and Finance \r\nANNUAL REPORT \r\nFor Year Ending December 31, 2016 \r\nNathan Deal Governor \r\nKevin B. Hagler, CEM Commissioner \r\n \r\n Table of Contents \r\n \r\nMessage from the Commissioner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n1 \r\n \r\nOrganizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n3 \r\n \r\nFinancial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n4 \r\n \r\nState-Chartered Banking Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n4 \r\n \r\nState-Chartered Bank Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n7 \r\n \r\nState-Chartered Credit Union Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n8 \r\n \r\nState-Chartered Credit Union Financial Summary. . . . . . . . . . . . . . . . . . . . . . \r\n \r\n9 \r\n \r\nExamination Districts and Work Areas (Map) . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n10 \r\n \r\nNon-Depository Financial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n11 \r\n \r\nMortgage Licensee and Registrant Statistics . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n11 \r\n \r\nMoney Service Businesses Statistics . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n12 \r\n \r\nAdministration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n13 \r\n \r\nFiscal Year Receipts and Disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n13 \r\n \r\nSummary of Activities for State-Chartered Financial Institutions and Other Entities . . . \r\n \r\n14 \r\n \r\nRegulated by, Licensed by, or Registered with the Department of Banking and Finance \r\n \r\nDuring 2016 \r\n \r\n Message from the \r\nCommissioner \r\n \r\nThroughout 2016, banking in Georgia continued a trend of growth and \r\n \r\nfinancial improvement as the industry continued to distance itself from the \r\n \r\ndark days of the Great Recession. The number of banks in problem status, \r\n \r\nthose with a CAMELS composite rating of 3, 4, or 5, declined significantly \r\n \r\nduring the year from 40 to 32, and now represents 21% of the portfolio. \r\n \r\nThis progress is remarkable considering that 66% of the banking portfolio \r\n \r\nwas in problem status in 2010. The decline in the number of banks in \r\n \r\nproblem status actually undersells the improvement in the industry as the \r\n \r\nvast majority of banks still in problem status are trending positively and are \r\n \r\nmuch closer to shedding that designation than in previous years. A broad \r\n \r\nanalysis of banking financials further reveals a positive trend as practically every key ratio - net income, return on average assets, capital levels, the \r\n \r\nKevin B. Hagler \r\n \r\nlevel of non-performing assets, etc. - showed improvement. The lone outlier \r\n \r\nwas that the net interest margin appeared to remain flat, but there is a general expectation that this \r\n \r\ntoo will begin a positive trend as it is anticipated the Federal Reserve Bank will continue raising \r\n \r\ninterest rates. \r\n \r\nThe banking portfolio experienced a net decline of 10 charters during the year; the bulk of which was the result of industry consolidation. Fortunately, there was only one bank closure, The Woodbury Banking Company, Woodbury, during the year. The other departures from the banking landscape were the result of one voluntary dissolution and nine mergers, though three of the mergers would best be described as corporate reorganizations under a common holding company. On a positive note, the Department welcomed AB\u0026T, Albany into the family of state-chartered banks in 2016 with its conversion from a national bank charter. Industry consolidation is certainly not unique to Georgia, and the state remains well banked with 149 state-chartered banks working to serve the needs of our citizens. The Department has the fourth largest banking portfolio in the country as measured by total assets under supervision, and 78% of all banks chartered in the United States are state-chartered. \r\n \r\nThere were 49 state-chartered credit unions at the end of 2016, a reduction from 53 the previous year. This reduction is entirely due to merger activity, which is a continuing trend in the industry particularly among the state's smallest credit unions. Notwithstanding the consolidation, the Department's credit union portfolio continues to grow in asset size, totaling nearly $18 billion in total assets and serving many of Georgia's citizens. Overall, the credit union industry remains healthy. \r\n \r\nAt the end of 2016, the Department had regulatory oversight of 15,085 non-depository entities. Growth in the number of mortgage loan originator licenses remains significant year-over-year, with an increase of nearly 23% over 2015. The Department also continues to see an increase in the number of mortgage companies licensed in Georgia. The number of money service businesses declined slightly over the year due to a decline in the number of check casher license renewals; however, the volume of sellers of payment instruments and money transmitters increased modestly during the year. \r\n \r\nPage 1 \r\n \r\n2016 Annual Report \r\n \r\n Message from the \r\nCommissioner \r\nThe Department's continued work with the Code Review Task Force, a public/private partnership with the banking industry, along with collaborative efforts with representatives of the credit union industry and the non-depository industry resulted in the enactment of the Department's housekeeping bill (HB 811, Bruce Williamson of the 115th) for the 2016 legislative session. The bill revised statutory provisions related to the majority of entities regulated by the Department  banks, credit unions, bank holding companies, money service businesses, mortgage loan originators, and merchant acquirer limited purpose banks  as well as certain provisions addressing the Department's general powers. Although the majority of the modifications related to eliminating antiquated requirements or provisions found in Title 7, some of the revisions focused on modernizing the Code. Of particular interest, in an effort to try and keep pace with technological innovation, the bill defined virtual currency as well as provided that money transmitters or sellers of payment instruments that transmit virtual currency are governed by the money service businesses laws. \r\nKevin B. Hagler, CEM Commissioner \r\n \r\n2016 Annual Report \r\n \r\nPage 2 \r\n \r\n Organizational Structure \r\nThe Department of Banking and Finance (Department) is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of merchant acquirer limited purpose banks (MALPBs) chartered in Georgia. \r\nIn addition, the Department has regulatory and/or licensing authority over mortgage lenders, brokers, processors, and loan originators; check cashers; sellers of payment instruments; money transmitters; international banking organizations; and bank holding companies conducting business in Georgia. \r\nFunctionally, the Department reports directly to the State's Chief Financial Officer and the Governor. The Department is headed by a Commissioner who is appointed by the Governor to serve a four-year term. Commissioner Kevin B. Hagler is assisted by Senior Deputy Commissioner Steve Pleger. The Department's operations are divided along functional lines: Financial Institution Supervision, Non-Depository Financial Institution Supervision, Legal Affairs, and Administration. These divisions are headed by Deputy Commissioners. \r\n \r\nPage 3 \r\n \r\n2016 Annual Report \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED BANKING STATISTICS \r\nAs of the end of the year, the number of state-chartered banks totaled 149, representing a net decrease of 10 or roughly 6.3 percent from the previous year. This decrease was the result of one bank being closed by the Department and placed into FDIC receivership, one bank self-liquidated, nine banks being merged out of existence, and one bank converted from a federal charter to a state charter. Total state-chartered bank assets under the Department's supervision was approximately $293 billion at the end of 2016. A five-year financial performance summary for statechartered banks can be found on Page 7 of this Report. \r\n \r\nDetailed information about failed banks can be found on the FDIC's website at: https://www.fdic.gov/bank/individual/failed/banklist.html. This webpage contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how customer accounts and loans are affected, and how vendors can file claims against the receivership. \r\n \r\n2016 Annual Report \r\n \r\nPage 4 \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED BANKING STATISTICS \r\nAs shown in the table below, Georgia state-chartered commercial bank assets under supervision ranked fourth in the country at the end of 2016. NOTE: Savings banks are not included in the asset figures below. \r\n \r\nPage 5 \r\n \r\n2016 Annual Report \r\n \r\n Financial Institution Supervision \r\nBANK HOLDING COMPANIES \r\nA total of 122 bank holding companies were supervised by or registered with the Department at the end of 2016. The number of bank holding companies declined significantly from the prior year primarily due to a change in the definition of \"bank\" in O.C.G.A.  7-1-600 through the passage of HB 811 during the 2016 legislative session. \r\nTRUST COMPANIES \r\nTrust activities continue to be conducted principally by bank trust departments. There is one state-chartered nondepository trust company in Georgia that is an independent trust company (Reliance Trust Company, Atlanta, Georgia). \r\nREPRESENTATIVE OFFICES OF BANKS AND BANK HOLDING COMPANIES \r\nA representative office is an office established by a bank, a bank holding company, or an agent or subsidiary of either for the purpose of conducting activities other than a banking business, and is not considered to be a main office or a branch office. There were 50 entities registered with the Department as having representative offices operating in Georgia at the end of 2016. \r\nFOREIGN BANKING ORGANIZATIONS \r\nOne international banking facility was licensed by the Department and four international representative offices were registered with the Department at the end of 2016. \r\n \r\n2016 Annual Report \r\n \r\nPage 6 \r\n \r\n Financial Institution Supervision \r\n \r\nPage 7 \r\n \r\n2016 Annual Report \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED CREDIT UNION STATISTICS \r\nThere were 49 state-chartered credit unions in Georgia at the end of 2016. During the year, four credit unions merged out of existence. A five-year balance sheet and income statement snapshot for state-chartered credit unions can be found on Page 9 of this Report. \r\n \r\n2016 Annual Report \r\n \r\nPage 8 \r\n \r\n Financial Institution Supervision \r\nState-Chartered Credit Union Financial Summary \r\n \r\nPage 9 \r\n \r\n2016 Annual Report \r\n \r\n Financial Institution Supervision \r\nExamination Districts and Work Areas \r\n \r\nDISTRICT Main Office 1 - Northwest 2 - Northeast/Central 4 - Southeast 5 - Southwest \r\n \r\nLOCATION Atlanta Woodstock Loganville Dublin Tifton \r\n \r\nMain Office Location District Field Office Locations \r\n \r\nThe above map is primarily for the purpose of exhibiting geographical district boundaries based on current institution assignments. However, some districts may have institutions assigned in other areas of the state due to multibank holding companies and/or district workload and scheduling issues. Note: District 3 was merged into Districts 1 and 2 on December 31, 2010. \r\n \r\n2016 Annual Report \r\n \r\nPage 10 \r\n \r\n Non-Depository Financial Institution Supervision \r\nMORTGAGE LICENSEE AND REGISTRANT STATISTICS \r\nArticle 13 of Title 7 of the Official Code of Georgia Annotated (O.C.G.A.) requires all persons who transact business as a residential mortgage lender, broker, processor or loan originator be licensed or registered with the Department, unless they are exempt. At the end of 2016, active mortgage licensees and registrants totaled 13,989, representing a net increase of 2,471 or roughly 21 percent from the previous year. The year-over-year increase is largely due to mortgage loan originator licenses. \r\n \r\nPage 11 \r\n \r\n2016 Annual Report \r\n \r\n Non-Depository Financial Institution Supervision \r\nMONEY SERVICE BUSINESSES STATISTICS \r\nUnless otherwise exempt, anyone that engages in the cashing of payment instruments for a fee must be licensed by the Department under Article 4A of Title 7 of the O.C.G.A. Unless otherwise exempt, anyone that engages in the sale of payment instruments or money transmission, must be licensed by the Department under Article 4 of Title 7 of the O.C.G.A. At the end of 2016, the number of money service businesses licensed by the Department totaled 1,096, representing a net decrease of 11 licenses or roughly 1 percent from the previous year. The year-over-year decrease is attributable to fewer check casher license renewals. \r\n \r\n2016 Annual Report \r\n \r\nPage 12 \r\n \r\n Administration \r\nFISCAL YEAR 2016 RECEIPTS AND DISBURSEMENTS \r\n \r\nNOTE: Revenues collected are remitted to the Office of the State Treasurer. The level of expenditures is subject to the state budgetary process. \r\n \r\nPage 13 \r\n \r\n2016 Annual Report \r\n \r\n SUMMARY OF ACTIVITIES \r\nFOR STATE-CHARTERED FINANCIAL INSTITUTIONS AND OTHER ENTITIES REGULATED BY, LICENSED BY, OR REGISTERED \r\nWITH THE DEPARTMENT OF BANKING AND FINANCE DURING 2016 \r\n \r\n2016 Annual Report \r\n \r\nPage 14 \r\n \r\n This page is intentionally left blank \r\n \r\n Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision. \r\nOur Vision is to be a willing and able partner with our regulated entities in order to support vibrant economic growth and prosperity in Georgia. \r\n \r\n2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 \r\nPhone: (770) 986-1633 Toll-free: (888) 986-1633 Email: dbfpress@dbf.state.ga.us \r\n \r\nDEPARTMENT OF BANKING AND FINANCE \r\nVisit us on the web at: dbf.georgia.gov \r\n \r\n "},{"id":"dlg_ggpd_y-ga-bb100-b-pa1-b2015-belec-p-btext","title":"2015 Annual report","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. 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Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-bb100-b-pa1-b2015-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-bb100-b-pa1-b2015-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["publications (documents)"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"State of Georgia \r\nDepartment of Banking \u0026 Finance \r\n2015 Annual Report \r\n \r\n This page was intentionally left blank \r\n \r\n State of Georgia \r\nDepartment of Banking and Finance \r\nANNUAL REPORT \r\nFor Year Ending December 31, 2015 \r\nNathan Deal Governor \r\nKevin B. Hagler, CEM Commissioner \r\n \r\n Table of Contents \r\n \r\nMessage from the Commissioner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n1 \r\n \r\nOrganizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n3 \r\n \r\nFinancial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n4 \r\n \r\nState-Chartered Banking Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n4 \r\n \r\nState-Chartered Bank Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n7 \r\n \r\nState-Chartered Credit Union Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n8 \r\n \r\nState-Chartered Credit Union Financial Summary. . . . . . . . . . . . . . . . . . . . . . \r\n \r\n9 \r\n \r\nExamination Districts and Work Areas (Map) . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n10 \r\n \r\nNon-Depository Financial Institution Supervision . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n11 \r\n \r\nMortgage Licensee and Registrant Statistics . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n11 \r\n \r\nMoney Services Businesses (MSB) Statistics . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n12 \r\n \r\nAdministration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n13 \r\n \r\nFiscal Year Receipts and Disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . \r\n \r\n13 \r\n \r\nSummary of Activities for State-Chartered Financial Institutions and Other Entities . . . \r\n \r\n14 \r\n \r\nRegulated by, Licensed by, or Registered with the Department of Banking and Finance \r\n \r\nDuring 2015 \r\n \r\n Message from the \r\nCommissioner \r\n \r\nGeorgia's banking industry continued to improve throughout 2015, and bankers across the state consistently relayed a sense of renewed optimism for the future of banking in our state. Conversations have shifted from work-out solutions for problem assets, to much more positive discussions about meeting the needs of borrowers and putting deposits to work in the communities they serve. The Department's examination results reflected that positive outlook with a strong trend of ratings upgrades, particularly in the Asset Quality and Earnings CAMELS components. Examinations resulted in very few loan downgrades, and most banks have been able to clear Other Real Estate from their books with little or no negative impact. Most impressively, 41 banks received an upgrade to their composite ratings further reflecting the positive strides in the industry. \r\n \r\nKevin B. Hagler \r\n \r\nAs of year-end 2015, the Department regulated 159 banks, a decline of 15 charters from the prior year. This decline came partially from the closure of Capital City Bank \u0026 Trust Company, Atlanta, and The Bank of Georgia, Peachtree City; however, 13 open-bank mergers were the real driving force. A heightened level of merger activity was a nationwide phenomenon in 2015 as banks formed strategic alliances to better face the head winds of a low interest rate environment, a high level of competition among lenders, and an increased regulatory burden coming from Washington, DC. Banks also merged to create liquidity events for shareholders as demand has pent up throughout the recession. While merger activity has reduced the number of banks regulated by the Department, the total assets under supervision has continued to increase, as state chartered banks are generally larger and more complex. The Georgia Department of Banking and Finance is the 4th largest state banking regulator in the country based on total assets of $277 billion under supervision. \r\n \r\nThe Department regulates 53 credit unions, and while that number is unchanged from 2014, there was a moderate amount of merger activity present. Six (6) federally chartered credit unions merged into state chartered credit unions, two (2) state chartered credit unions merged into federally chartered credit unions, and we welcomed Robins Financial Credit Union, Warner Robins, and Southeastern Credit Union, Valdosta, to the family of state chartered credit unions. Credit union assets under supervision also continue to grow despite consolidation in the industry. The Department has $17 billion in total assets under supervision in its credit union portfolio. The credit union industry has also demonstrated positive financial performance during 2015, but shares the challenge of generating quality assets in sufficient volume to more fully deploy deposits. \r\n \r\nThe Department also has regulatory oversight of 12,625 non-depository entities. The number of mortgage loan originator licensees continues to grow significantly year over year, with 2015 resulting in a 14% increase over the prior year. We also continued to see an increase in the number of mortgage companies licensed in Georgia. The number of money service business licensees declined by 6% over the year due to a decline in the number of check casher renewals. The volume of Sellers of Payment Instruments and Money Transmitters increased modestly during the year. \r\n \r\nPage 1 \r\n \r\n2015 Annual Report \r\n \r\n Message from the \r\nCommissioner \r\nThe Department's work with the Code Review Task Force, a public/private partnership with the banking industry, combined with outreach to representatives of the credit union industry as well as the non-depository industry culminated in the Department's housekeeping bill (HB 184, Bruce Williamson of the 115th) for the 2015 legislative session. The bill revised statutory provisions governing the majority of the entities regulated by the Department  banks, credit unions, bank holding companies, money service businesses, mortgage companies, loan originators, and merchant acquirer limited purpose banks  as well as certain provisions addressing the Department's general powers. Highlights of the legislation included clarification of the Department's ability to grant parity to state chartered banks and credit unions with their federal counterparts, and empowered the Department to place credit unions in conservatorship as a potential alternative to liquidating a credit union through a receivership. \r\nKevin B. Hagler, CEM Commissioner \r\n \r\n2015 Annual Report \r\n \r\nPage 2 \r\n \r\n Organizational Structure \r\nThe Department of Banking and Finance (Department) is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of merchant acquirer limited purpose banks (MALPBs) chartered in Georgia. \r\nIn addition, the Department has regulatory and/or licensing authority over mortgage lenders, brokers, processors, and loan originators; check cashers; sellers of payment instruments; money transmitters; international banking organizations; and bank holding companies conducting business in Georgia. \r\nFunctionally, the Department reports directly to the State's Chief Financial Officer and the Governor. The Department is headed by a Commissioner who is appointed by the Governor to serve a four-year term. Commissioner Kevin B. Hagler is assisted by Senior Deputy Commissioner Steve Pleger. The Department's operations are divided along functional lines: Financial Institution Supervision, Non-Depository Financial Institution Supervision, Legal Affairs, and Administration. These divisions are headed by Deputy Commissioners. \r\n \r\nPage 3 \r\n \r\n2015 Annual Report \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED BANKING STATISTICS \r\nAs of the end of the year, the number of state-chartered banks totaled 159, representing a net decrease of 15 or roughly 8.6 percent from the previous year. This decrease was the result of two banks being closed by the Department and placed into FDIC receivership and 13 banks being merged out of existence. Total state-chartered bank assets under the Department's supervision at year-end was approximately $277 billion. A five-year financial performance summary for state-chartered banks can be found on Page 7 of this Report. \r\n \r\nDetailed information about failed banks can be found on the FDIC's website at: https://www.fdic.gov/bank/individual/failed/banklist.html. This webpage contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how customer accounts and loans are affected, and how vendors can file claims against the receivership. \r\n \r\n2015 Annual Report \r\n \r\nPage 4 \r\n \r\n Financial Institution Supervision \r\nSTATE-CHARTERED BANKING STATISTICS \r\nAs shown in the table below, Georgia state-chartered commercial bank assets under supervision ranked fourth in the country at the end of 2015. NOTE: Savings banks are not included in the asset figures below. \r\n \r\nPage 5 \r\n \r\n2015 Annual Report \r\n \r\n Financial Institution Supervision \r\nBANK HOLDING COMPANIES \r\nA total of 198 bank holding companies were supervised by or registered with the Department at the end of the year. \r\nTRUST COMPANIES \r\nTrust activities continue to be conducted principally by bank trust departments. There is one state-chartered nondepository trust company in Georgia that is an independent trust company (Reliance Trust Company, Atlanta, Georgia). \r\nREPRESENTATIVE OFFICES OF BANKS AND BANK HOLDING COMPANIES \r\nA representative office is an office established by a bank, a bank holding company, or an agent or subsidiary of either for the purpose of conducting activities other than a banking business, and is not considered a main office or a branch office. As of the end of 2015, there were 50 entities registered with the Department having representative offices operating in Georgia. \r\nFOREIGN BANKING ORGANIZATIONS \r\nThe number of foreign banking organizations licensed by or registered with the Department remained unchanged during the year. One international bank agency holds an agency license, but operates as an international representative office only. In addition, one international banking facility continued to be licensed and two international representative offices continued to be registered during the year. \r\n \r\n2015 Annual Report \r\n \r\nPage 6 \r\n \r\n Financial Institution Supervision \r\nState-Chartered Bank Financial Summar y \r\n \r\nPage 7 \r\n \r\n2015 Annual Report \r\n \r\n Financial Institution Supervision \r\n \r\nSTATE-CHARTERED CREDIT UNION STATISTICS \r\n \r\nThere were 53 state-chartered credit unions in Georgia at year-end 2015. During the year, two credit unions merged \r\n \r\nout of existence and two converted from \r\n \r\na federal to a state charter. A five-year balance sheet and income statement snapshot for state-chartered credit \r\n \r\nunions \r\n \r\ncan \r\n \r\nbe \r\n \r\nfound \r\n \r\non \r\n \r\nPage 9 \r\n \r\nof \r\n \r\nthis \r\n \r\nReport. \r\n \r\n2015 Annual Report \r\n \r\nPage 8 \r\n \r\n Financial Institution Supervision \r\nState-Chartered Credit Union Financial Summary \r\n \r\nPage 9 \r\n \r\n2015 Annual Report \r\n \r\n Financial Institution Supervision \r\nExamination Districts and Work Areas \r\n \r\nDISTRICT Main Office 1 - Northwest 2 - Northeast/Central 4 - Southeast 5 - Southwest \r\n \r\nLOCATION Atlanta Woodstock Loganville Dublin Ti on \r\n \r\nMain Office Location District Field Office Locations \r\n \r\nThe above map is primarily for the purpose of exhibiting geographical district boundaries based on current institution assignments. However, some districts may have institutions assigned in other areas of the state due to multibank holding companies and/or district workload and scheduling issues. Note: District 3 was merged into Districts 1 and 2 on December 31, 2010. \r\n \r\n2015 Annual Report \r\n \r\nPage 10 \r\n \r\n Non-Depository Financial Institution Supervision \r\nMORTGAGE LICENSEE AND REGISTRANT STATISTICS \r\nArticle 13 of Title 7 of the Official Code of Georgia Annotated (O.C.G.A.) requires all persons who transact business as a residential mortgage lender, broker, processor or loan originator be licensed or registered with the Department, unless they are exempt. At the end of 2015, active mortgage licensees and registrants totaled 11,518, representing a net increase of 1,410 or roughly 14 percent from the previous year. The increase year over year continues to be largely due to continued licensing of mortgage loan originators. \r\n \r\nPage 11 \r\n \r\n2015 Annual Report \r\n \r\n Non-Depository Financial Institution Supervision \r\nMONEY SERVICE BUSINESSES STATISTICS \r\nUnless otherwise exempt, anyone that engages in the cashing of payment instruments for a fee must be licensed by the Department under Article 4A of Title 7 of the O.C.G.A. Unless otherwise exempt, anyone that engages in the sale of payment instruments or money transmission, must be licensed by the Department under Article 4 of Title 7 of the O.C.G.A. At the end of 2015, the number of money service businesses licensed by the Department totaled 1,107, representing a net decrease of 71 or roughly 6 percent from the previous year. The net decrease year over year is due to a decline in the number of renewals for check casher licenses. \r\n \r\n2015 Annual Report \r\n \r\nPage 12 \r\n \r\n Administration \r\nFISCAL YEAR 2015 RECEIPTS AND DISBURSEMENTS \r\n \r\nNOTE: Revenues collected are remitted to the Office of the State Treasurer. The level of expenditures is subject to the state budgetary process. \r\n \r\nPage 13 \r\n \r\n2015 Annual Report \r\n \r\n SUMMARY OF ACTIVITIES \r\nFOR STATE-CHARTERED FINANCIAL INSTITUTIONS AND OTHER ENTITIES REGULATED BY, LICENSED BY, OR REGISTERED \r\nWITH THE DEPARTMENT OF BANKING AND FINANCE DURING 2015 \r\n \r\n2015 Annual Report \r\n \r\nPage 14 \r\n \r\n Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision. \r\nOur Vision is to be a willing and able partner with our regulated entities in order to support vibrant economic growth and prosperity in Georgia. \r\n \r\n2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 \r\nPhone: (770) 986-1633 Toll-free: (888) 986-1633 Email: dbfpress@dbf.state.ga.us \r\n \r\nGEORGIA DEPARTMENT OF BANKING AND FINANCE \r\nVisit us on the web at: dbf.georgia.gov \r\n \r\n "}],"pages":{"current_page":1,"next_page":2,"prev_page":null,"total_pages":3,"limit_value":10,"offset_value":0,"total_count":25,"first_page?":true,"last_page?":false},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":25}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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