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Georgia Department of Banking and Finance Takes Possession of Integrity Bank, Alpharetta, Georgia

Georgia Department of Banking and Finance Takes Possession of Integrity Bank, Alpharetta, Georgia

August 29, 2008


The Georgia Department of Banking and Finance (“Department”) took possession of Integrity Bank, Alpharetta, Georgia on August 29, 2008.  The Superior Court of Fulton County issued an Order appointing the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Integrity Bank.

The Department took possession of Integrity Bank pursuant to the Official Code of Georgia, Section 7-1-150(a) which authorizes the Department in its discretion to take possession of the business and property of any state chartered financial institution whenever such financial institution is either insolvent or operating in an unsafe or unsound condition to transact its business, is operating in violation of any court order, statute, rule or regulation, or requests the Department to take possession of its business and property. 

All deposit accounts of Integrity Bank have been transferred to Regions Bank and will be available immediately.  After the Labor Day holiday, on Tuesday, September 2, 2008, depositors will be able to access their accounts at the former main office and branch locations of Integrity Bank.  For the time being, former customers of Integrity Bank should use the former offices of Integrity Bank until Regions Bank can fully integrate the deposit records of Integrity Bank.  Additionally, the former depositors of Integrity Bank can continue to access their accounts through automated teller machine transactions, checks and debit transactions.

Due to the terms of a deposit bid by Regions Bank, all deposits will be transferred to Regions Bank and, therefore, it is not currently anticipated that there will be any loss exposure to former Integrity Bank depositors that have deposits exceeding the FDIC Deposit Insurance amounts. 

The Department’s Commissioner, Robert M. Braswell, reminds depositors that deposits of all Georgia banks are insured by the FDIC up to $100,000 in the case of individual deposits and $250,000 in the case of certain retirement accounts.  Special rules are in place for accounts held in trust status and joint accounts that may further expand deposit insurance coverage.  You can find additional information on FDIC Deposit Insurance at www.fdic.gov

“I want to reassure Georgians that our state’s banking industry remains on solid footing, and two-thirds of banks in our state have been profitable year to date,” said Governor Sonny Perdue. “While there is concern about many of our industries given the national economic climate, Georgians should not overreact to the news of one bank closing. The Georgia Department of Banking and Finance, along with the FDIC, have worked quickly to ensure all deposit funds of the customers of this bank are protected and available through the transfer of accounts to Regions Bank.”

The FDIC has established a website and a toll-free phone number to answer questions from depositors, creditors and other interested parties regarding the receivership of Integrity Bank.  The website is www.fdic.gov and the toll-free phone number is 1-800-523-0640.  The phone number is operational on Friday from 5 p.m. until 9 p.m. Eastern Standard Time, on Saturday from 9 a.m. until 6 p.m. on Sunday from 11 a.m. to 5 p.m. and thereafter from 8 a.m. to 8 p.m.