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Georgia Department of Banking and Finance Takes Possession of RockBridge Commercial Bank, Atlanta, Georgia

Georgia Department of Banking and Finance Takes Possession of RockBridge Commercial Bank, Atlanta, Georgia

December 18, 2009


Atlanta, Georgia
 ~ The Georgia Department of Banking and Finance (“Department”) took possession of RockBridge Commercial Bank, Atlanta, Georgia on December 18, 2009.  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 RockBridge Commercial Bank.

The Department took possession of RockBridge Commercial 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. 

After an extensive marketing process, the FDIC was unable to find another financial institution to take over the banking operations of RockBridge Commercial Bank.  Therefore, the FDIC will mail checks to retail depositors for their insured funds on Monday, December 21, 2009.   Insured depositors should receive this check within one week of the bank’s closing. If the balance in an interest bearing account(s) (this includes any accounts in which a depositor has an ownership interest) is less than $250,000, or if the deposit is in a non-interest bearing transaction account(s), no action is required by the customer at this time. 

As of the time of RockBridge Commercial Bank’s closing, customers will no longer have access to the bank’s website and online services.  Additionally, customer transactions that occur after the date of receivership will not be valid, including debit transactions, ATM transactions and checks written against bank funds.  It is therefore important that customers avoid such transactions while awaiting the receipt of their insured deposit funds from the FDIC.  The FDIC has made arrangements with Branch Banking and Trust Company (BB&T) to accept direct deposits from the federal government, including Social Security checks.

Principal and interest on insured accounts are fully insured by the FDIC, up to the insurance limit of $250,000.  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.

Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-800-405-1604 to set up an appointment to discuss their deposits with an FDIC claims agent. Beginning Monday, depositors of RockBridge Commercial Bank with accounts in excess of $250,000 may visit the FDIC’s webpage “Is My Account Fully Insured?” at http://www2.fdic.gov/dip/Index.asp.

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 RockBridge Commercial Bank. The website is www.fdic.gov and the toll-free phone number is 1-800-405-1604.   The phone number is operational this evening until 9 p.m. Eastern Standard Time, on Saturday from 9 a.m. until 6 p.m. on Sunday from noon to 6 p.m. and thereafter from 8 a.m. to 8 p.m.  Due to the Christmas Holiday, the FDIC call center will not be operational between the hours of 3 p.m., Thursday, December 24th, and 8 a.m. Monday, December 28th.