New Horizons bank in East Ellijay was closed by the Georgia Dept. of Banking on April 15th 2011. That leaves one community bank in Gilmer County, United Community Bank. New Horizons was located in the Highlands Shopping Center near Lowes and Walmart on highway 515. Once the FDIC was named as the receiver they entered into an agreement with Citizens South Bank. Reports state that at the time of the deal Citizens South Bank still had an unpaid Tarp loan.
Citizens South Bank is headquartered in Gastonia, North Carolina. Their report states that the bank will receive $107.6 million in assets and $106 million in liabilities. There is a loss sharing agreement in effect with the FDIC. CSB now has 22 full-service offices and they reported assets of 1.1 billion plus.