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Georgia Department of Banking and Finance Takes Possession of Alpha Bank & Trust, Alpharetta, Georgia

Georgia Department of Banking and Finance Takes Possession of Alpha Bank & Trust, Alpharetta, Georgia

October 24, 2008


The Georgia Department of Banking and Finance (“Department”) took possession of Alpha Bank & Trust, Alpharetta, Georgia on October 24, 2008.  The SuperiorCourtofFultonCounty issued an Order appointing the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Alpha Bank & Trust.

The Department took possession of Alpha Bank & Trust 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 insured deposit accounts of Alpha Bank & Trust have been transferred to Stearns Bank, N.A., Saint Cloud, Minnesota, and will be available immediately. On Monday, October 27, 2008, depositors will be able to access their accounts at the former main office and branch locations of Alpha Bank & Trust. For the time being, former customers of Alpha Bank & Trust should use the former offices of Alpha Bank & Trust until Stearns Bank, N.A. can fully integrate the deposit records of Alpha Bank & Trust.  Additionally, the former depositors of Alpha Bank & Trust can continue to access their accounts through automated teller machine transactions, checks and debit transactions.

Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-800-591-2912 to set up an appointment to discuss their deposits with an FDIC claims agent. 

The Department’s Commissioner, Rob Braswell, reminds depositors that deposits of all Georgia banks are now insured by the FDIC up to $250,000. Special rules are in place for accounts held in trust status, joint accounts, and non-interest bearing transaction accounts that may further expand deposit insurance coverage.  You can find additional information on FDIC Deposit Insurance at www.fdic.gov.

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 Alpha Bank & Trust.  The website is www.fdic.gov and the toll-free phone number is 1-800-591-2912.  The phone number is operational on Friday from 4 p.m. until 9 p.m. Eastern Standard Time, on Saturday from 9 a.m. until 6 p.m., on Sunday from 9 a.m. to 6 p.m. and thereafter from 8 a.m. to 8 p.m.