CARROLLTON, Ga., Jan. 29 /PRNewswire/ -- Community & Southern Bank, a newly formed Georgia state bank, has acquired certain assets and deposit liabilities of the First National Bank of Georgia, Carrollton, Georgia ("First National Bank") from the Federal Deposit Insurance Corporation ("FDIC"), as receiver for First National Bank. First National Bank was closed by the Office of the Comptroller of the Currency at the close of business on Friday, January 29, 2010 and the FDIC was appointed receiver. Community & Southern Bank will begin operating First National Bank's branch offices as Community & Southern Bank offices immediately.
"We're very pleased to announce the acquisition of the First National Bank of Georgia from the FDIC. This is an excellent example of a successful private-public partnership that will save jobs and provide much needed stability to First National Bank customers and the communities it has served for nearly 100 years," said Community & Southern Bank's President and Chief Executive Officer, Patrick M. Frawley. "Following our recently completed capital raise, we are poised to pursue additional opportunities to help with the recovery of the banking system as we strive to create one of the strongest, healthiest, and most well-managed banks in the State of Georgia," added Mr. Frawley.
John Spiegel, Chairman of the Board of Directors of Community & Southern Bank and former Chief Financial Officer of SunTrust Bank, added, "The customers and employees of First National Bank of Georgia can rest assured knowing that there will be no disruption to the operations and services provided by their bank. We look forward to providing our customers with exemplary customer service and meeting all of their banking needs."
First National Bank customers should be aware that their accounts have been automatically converted to Community & Southern Bank accounts at the same rates and terms. All deposit accounts will continue to be fully insured to the maximum limits allowed by the FDIC. First National Bank customers should continue to visit existing branches and use their existing checks and ATM/Debit cards to access their funds. All direct deposit and electronic bill pay transactions will continue to be processed normally. First National Bank customers will be receiving new checks and ATM/Debit cards in the coming weeks.
About Community & Southern Bank
Community & Southern Bank is Georgia's newest bank with substantial capital resources and a Georgia-based management team positioned to build upon the long and community-focused history of First National Bank. Community & Southern Bank's philosophy is to operate in a diversified, risk-averse manner, and to offer its customers exemplary customer service and a broad array of products to meet their banking needs.
Community & Southern Bank
"Making a difference, one customer at a time"
SOURCE Community & Southern Bank