Posts Tagged ‘APAB’

Today, March 19th 2010, Gilmer County Bank and all Appalachian Community Bank branches were closed. Community and Southern Bank of Carrollton Georgia has assumed their deposits. The Georgia Department of Banking and Finance has appointed the FDIC as receiver. Federal Deposit Insurance Corporation has initiated a purchase and assumption agreement with Community and Southern Bank. All Appalachian Community Bank branches should be reopened on Saturday March 20th, 2010 as branches of Community and Southern Bank.

This action did not affect Appalachian Community Bank F.S.B in McCaysville GA or any of its branch locations.

It is recommended that bank customers continue to use their branch until notified that they can use Community & Southern Bank branches.

The loss-share transaction between the FDIC and Community and Southern is estimated at 798.6 million dollars. Estimated cost to the Deposit Insurance Fund is $419.3 million. This is the 4th FDIC insured institution to fail in Georgia in 2010.

Any questions about this transaction can be answered by the FDIC at their toll free number 1-800-894-1696

See what David Hopkins of Marble Hill Ga has to say about dealing with foreclosed property marketing for Appalachian Community Bank in his letter dated December 29th 2009

Dec. 30, 2009 – Agreement issued for 2,200,000 shares of common stock, $.01 par value per share to seven investors

Dec. 8, 2009 -

• Chief Executive Officer resigned [ Tracy Newton ]
• Chief Credit Officer resigned [ Adam Teague ]
• Head of foreclosed real estate resigned [ Rusty Beamon ]

Interim COO Danny Jett said the decisions to resign were all personal decisions.

Nov. 17, 2009 -

• CEO is placed on leave pending a review for alleged violations of foreclosed real estate procedures [ Tracy Newton ]
• CCO is placed on leave pending a review for alleged violations of foreclosed real estate procedures [ Adam Teague ]
• Head of Foreclosed Property is placed on leave pending a review for alleged violations [ Rusty Beamon ]

Interim COO is hired that has previous history with a failed Georgia bank [ Danny Jett ]. Appalachian Bancshares hires Stewart Long & Associates as consultants. An Interim Chief Credit Officer [ Fred Smith ] and interim “head of special assets” [ Kirk Rankin ]  join APAB.

Nov, 2009 – Stock trading at 0.30 per share

Oct, 2009 – Voluntary delisting from NASDAQ

April 24, 2009 – An agreement is signed with the Federal Deposit Insurance Corp to reduce the concentration in real estate loans.

Aug. 15, 2008 – Chief Operating Officer and Executive Vice President resigns [ Keith Hales ]
Interim COO [ Danny F. Dukes ]

Late 2006 – APAB stock peaks at $24

* The information provided on this page is not guaranteed to be accurate but is believed to be so.