Friday, November 21, 2008: The Community Bank, Loganville,
Georgia, was closed by the Georgia Department of Banking and Finance. The
Federal Deposit Insurance Corporation (FDIC) was named Receiver.
As of October 17, 2008, The Community Bank had assets of $681million and total deposits of $611 million.
All deposit accounts have been transferred to Bank of Essex, Tappahannock, VA and are available immediately. On Monday, November 24, 2008, the four former offices of The Community Bank locations reopened as branches of Bank of Essex.
Transferred deposits will be separately insured from any accounts you may already have at Bank of Essex for six months after the failure of The Community Bank.
Bank of Essex purchased approximately $84.4 million of The Community Bank's assets, and paid the FDIC a premium of $3.2 million for the right to assume the failed bank's deposits. The FDIC will retain the remaining assets for later disposition.
Bank of Essex
The FDIC estimates that the cost to its Deposit Insurance Fund will be between $200 million and $240 million
For additional information and assistance contact the FDIC at: 800-930-1904 or go to: http://www.fdic.gov/bank/individual/failed/community.html
|2008 FDIC Insured Failed Banks|
4581 Atlanta Highway
Loganville, GA 30052
|Assets: $681 million|
|Deposits: $611 million|
|Cost to FDIC: $200-240 million|
|Insured deposits: All deposit accounts have been transferred to Bank of Essex, Tappahannock, Virginia, and are available immediately.|
|Services: Automated Teller Machines (ATM) and online services remain available at the time of closing. As of Monday, November 24, 2008, depositors may continue to use the services to which they previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.|
|Checks: Checks will be processed as usual. All outstanding checks will be paid against your available balance as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, contact your branch office.|
|Interest: All interest accrued through Friday, November 21, 2008, will be paid at your same rate. Bank of Essex will be reviewing rates and will provide further information soon. You will be notified of any changes|
|Withdrawals: Account owners may withdraw your funds from any transferred account without an early withdrawal penalty until a new deposit agreement is signed with Bank of Essex, as long as the deposits are not pledged as collateral for loans.|
|Automatic Direct Deposits: Automatic direct deposits and/or automatic withdrawals will be transferred automatically to your new bank. Contact a representative of your assuming institution at your branch office.|
|Loans: If you had a loan with The Community Bank, you should continue to make your payments as usual. The terms of your loan will not change because they are contractually agreed to your promissory note with the failed institution. Checks should be made payable as usual and sent to the same address until further notice.|
Creditor Claims: If you
provided a service for The Community Bank, and have not received a notice,
Federal Deposit Insurance Corporation
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
Established in 1946 as
Bank Of Loganville
1998 - Changed name to The Community Bank