Georgia Department of Banking and Finance Takes Possession of Community Bank & Trust, Cornelia, Georgia

January 29, 2010


Atlanta, Georgia
 ~ The Georgia Department of Banking and Finance (“Department”) took possession of Community Bank & Trust, Cornelia, Georgia on January 29, 2010.  The Superior Court of Habersham County issued an Order appointing the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Community Bank & Trust.

The Department took possession of Community 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. 

Through an agreement with the FDIC, Community Bank & Trust will be acquired by SCBT, National Association (“SCBT”), Orangeburg, South Carolina.

All deposit accounts of Community Bank & Trust have been transferred to SCBT and will be available immediately. On Saturday, January 30, 2010, depositors will be able to access their accounts at the former main office and branch locations of Community Bank & Trust.  Customers of both banks should continue to use their existing branches until SCBT can fully integrate the deposit records of Community Bank & Trust.  Additionally, the former depositors of Community Bank & Trust can continue to access their accounts through automated teller machine transactions, checks and debit transactions.  It should be noted that Community Bank & Trust utilized the trade name Bulldog Bank & Trust at its Oconee County branch location.

All deposits will be transferred to SCBT and, therefore, it is not anticipated that there will be any loss exposure to former Community Bank & Trust 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 $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.

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 Community Bank & Trust. Please refer to the FDIC’s website for further information regarding the details of the purchase and assumption transaction. The website is www.fdic.gov and the toll-free phone number is 1-800-430-7974.  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.