26, 2009: Community Bank of West Georgia, Villa Rica, GA was closed
by the Georgia Department of Banking and Finance. The FDIC was named
Community Bank of West Georgia had total assets of $199.4 million and total deposits of $182.5 million.
An assuming institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts beginning Monday, June 29th.
Customers of Community Bank of West Georgia with brokered deposits should contact their brokers about the status of their accounts. The FDIC will provide payment for insured brokered deposits once brokers provide the FDIC with the necessary documents to identify customers and permit a determination of their insured deposit.
Direct deposits from the federal government, such as Social Security and Veterans' payments, will be transferred to United Community Bank, Blairsville, Georgia. Customers will need to claim their incoming government ACH direct deposits in person at United Bank's Villa Rica branch.
Principal and interest on insured accounts, through June 26, 2009, are fully insured by the FDIC, up to the insurance limit of $250,000. Certain entitlements and different types of accounts can be insured for more than the $250,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.
At the time of closing, the bank had approximately $1.1 million in deposits that exceeded the insurance limits. All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-866-954-9530.
The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $85 million.
For additional information and assistance contact the FDIC at: 866-954-9530; or go to: http://www.fdic.gov/bank/individual/failed/communityga.html
|2009 FDIC Insured Failed Banks|
of West Georgia
662 Highway 61
Villa Rica, GA 30180
|Assets: $199 million|
|Deposits: $183 million|
|Cost to FDIC: $85 million|
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
Community Bank of West Georgia and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Note: The Community Bank of West Georgia had no publicly owned stock. Equity shareholders were invested in the holding company, Community Bancshares of West Georgia, Inc., Villa Rica, GA.
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
insured depositor fails to make a claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
the transferee institution must refund the deposit to the FDIC, and all
rights of the depositor against the transferee institution are barred.
The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.
Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.
It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.
Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search
|History: Established on 3/25/2003 as Community Bank Of West Georgia|