Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Freedom Bank of Georgia

Freedom Bank of Georgia - Unclaimed bank account search

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March 6, 2009: Freedom Bank of Georgia, Commerce, GA was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of March 4, 2009, Freedom Bank of Georgia had total assets of approximately $173 million and total deposits of $161 million.

The FDIC entered into a purchase and assumption agreement with Northeast Georgia Bank, Lavonia, Georgia, to assume all of the deposits of Freedom Bank of Georgia.

All deposit accounts have been transferred to Northeast Georgia Bank,  and are available immediately. On Monday, March 9, 2009, the four former Freedom Bank of Georgia locations reopened as branches of Northeast Georgia Bank.

Transferred deposits will be separately insured from any accounts you may already have at Northeast Georgia Bank for six months after the failure of Freedom Bank of Georgia.

All interest accrued through March 6, 2009, will be paid at your same rate; however Northeast Georgia Bank will be reviewing rates.

Northeast Georgia Bank
12461 Augusta Road
Lavonia, GA 30553

The FDIC and Northeast Georgia Bank entered into a loss-share transaction. Northeast Georgia Bank will share in any losses on approximately $96.5 million in assets covered under the agreement.

In addition to assuming all of the deposits of the failed bank, Northeast Georgia Bank agreed to purchase approximately $167 million in assets at a discount of $13.65 million. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $36.2 million.

For additional information and assistance contact the FDIC at: 866-782-1897; or go to:

2009 FDIC Insured Failed Banks
Freedom Bank of Georgia
3165 Maysville Road
Commerce, GA 30529

Established on 2/17/2004 as
Freedom Bank of Georgia

Assets: $173 million
Deposits: $161 million
Cost to FDIC: $36 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  Freedom Bank of Georgia and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Freedom Bank of Georgia
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201

Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an 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 2/17/2004.