Posts Tagged ‘east ellijay’

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