Georgia Department of Banking and Finance Takes Possession of Enterprise Banking Company, McDonough, Georgia

January 21, 2011


Atlanta, Georgia
 - The Georgia Department of Banking and Finance (“Department”) took possession of Enterprise Banking Company, McDonough, Georgia on January 21, 2011.  The Superior Court of Henry County issued an Order appointing the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Enterprise Banking Company.

The Department took possession of Enterprise Banking Company 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 Enterprise Banking Company. To protect depositors, the FDIC created the Deposit Insurance National Bank of McDonough (DINB), which will remain open until January 28, 2011, to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

At the time of closing, the FDIC immediately transferred to the DINB all secured deposits of public entities and all insured deposits of Enterprise Banking Company, except for brokered deposits, certificates of deposit (CDs) and individual retirement accounts (IRAs).  The FDIC will mail checks directly to customers with CDs and IRAs.  For the brokered deposit customers, the FDIC will pay the brokers directly for the amount of their insured funds.  Customers with brokered deposits should contact their brokers directly for information concerning their money. 

The banking offices of Enterprise Banking Company will re-open on Monday, January 24, 2011, and will provide limited services and operate under limited business hours.   All government direct deposits, including Social Security checks, have been redirected to United Community Bank, Blairsville, Georgia.  Banking activities, such as writing checks, ATM and debit card withdrawals, can continue normally for former customers of Enterprise Banking Company until January 26, 2011.  For depositors who have not closed or transferred their accounts on or before January 28, 2011, the FDIC will mail checks to the address of record for the amount of the insured funds.

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 1-800-405-8251 to set up an appointment to discuss their deposits with an FDIC claims agent. Beginning Monday, depositors of Enterprise Banking Company 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 Enterprise Banking Company.  The website is http://www.fdic.gov/bank/individual/failed/enterprise.html and the toll-free phone number is 1-800-405-8251.  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.