March 19, 2010: Appalachian Community Bank, Ellijay, GA was closed
by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation was
Assets & Deposits: As of December 31, 2009, Appalachian Community Bank had approximately $1.01 billion in total assets and $917.6 million in total deposits.
Successor Bank: All deposit accounts have been transferred to Community & Southern Bank, Carrollton, GA. The ten branches of Appalachian Community Bank will reopen on Saturday as branches of Community & Southern Bank. This transaction also includes all of Appalachian Community Bank's branches that operated under the trade name of Gilmer County Bank. This closure does not involve Appalachian Community Bank F.S.B., McCaysville, Georgia, or any of its branch locations.
Community & Southern
FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at Community & Southern Bank for six months after the failure of Appalachian Community Bank.
Interest: All interest accrued through Friday, March 19, 2010 will be paid at your same rate. Community & Southern Bank will be reviewing rates.
Checks, Loans, Interest and Automated Transactions: Checks will be processed as usual. Automatic direct deposits and withdrawals will be transferred to your new bank. If you had a loan with Appalachian Community Bank you should continue to make your payments as usual.
Cost to FDIC: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $419.3 million.
Community & Southern Bank will pay the FDIC a premium of one percent to assume all of the deposits of Appalachian Community Bank. In addition to assuming all of the deposits of the failed bank, Community & Southern Bank agreed to purchase essentially all of the assets. The FDIC and Community & Southern Bank entered into a loss-share transaction on $798.6 million of Appalachian Community Bank's assets.
Note: ► Depositors must establish contact with the successor bank or the FDIC, when there is no successor, to reclaim their deposits. Failure to do so could ultimately result in a loss of insured funds. ► The interest rate paid by your former bank is subject to immediate change. ► Transferred deposits are separately insured for only 6 months after the date of transfer. ► Beneficial owners of fiduciary accounts (including UTMA, IOLTA and brokered CDs) should contact their brokers immediately to ensure proper claims procedures are followed. ► Safe deposit boxes should be promptly claimed.
|2009 FDIC Insured Failed Banks|
Appalachian Community Bank
829 Industrial Boulevard
Ellijay, GA 30540
Established on 3/3/1995
|Assets: $1 billion|
|Deposits: $918 million|
|Cost to FDIC: $419 million|