December 4, 2009:
The Buckhead Community Bank, Atlanta, GA was closed by the Georgia
Department of Banking and Finance.
The Buckhead Community Bank
had six branches in Georgia operating under the following names: The Sandy
Springs Community Bank, The Midtown Community Bank, The Alpharetta
Community Bank, The Cobb Community Bank, The Forsyth Community Bank, and
The Hall Community Bank.
The Federal Deposit Insurance Corporation was
Assets & Deposits: As of November 6, 2009, The Buckhead Community Bank had total assets of $874.0 million and total deposits of $838.0 million.
Successor Bank: The FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of The Buckhead Community Bank. All deposit accounts, excluding certain brokered deposits, have been transferred to State Bank and Trust Company, Macon, GA and are available immediately. The six former Buckhead Community Bank locations reopened as branches of State Bank and Trust Company.
State Bank and Trust
FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at State Bank and Trust Company for six months after the failure of The Buckhead Community Bank.
Interest: All interest accrued through Friday, December 4, 2009, will be paid at your same rate; however State Bank and Trust Company 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 The Buckhead 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 $241.4 million. State Bank and Trust Company did not pay the FDIC a premium for the deposits of The Buckhead Community Bank. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase essentially all of the failed bank's assets. The FDIC and State Bank and Trust Company entered into a loss-share transaction on approximately $692 million of The Buckhead 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|
The Sandy Springs Community Bank
The Midtown Community Bank
The Alpharetta Community Bank
The Cobb Community Bank
The Forsyth Community Bank
The Hall Community Bank
|Assets: $874 million|
|Deposits: $838 million|
|Cost to FDIC: $241 million|
You may have an account at a
failed institution and not know it, either because you were a depositor at
a bank acquired by an institution that subsequently failed, or if you or a
deceased family member are the beneficial owner of a brokered fiduciary
Established as he Buckhead Community Bank, National Association
Unclaimed FDIC Insured Deposits
There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.
Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.
Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.
This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.
In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.
Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.
It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.
For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Missing or Unclaimed Account Search
Depositor Claims: For additional information and assistance on the The Buckhead Community Bank receivership contact the FDIC at: 1-800-405-8028; or go to: http://www.fdic.gov/bank/individual/failed/buckheadcommunity.html
Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for The Buckhead Community Bank and have not received a notice, please contact:
Federal Deposit Insurance Corporation