Georgia Department of Banking and Finance Takes Possession of Community Bank of Rockmart, Rockmart, Georgia

November 10, 2011


Atlanta, Georgia
 - The Georgia Department of Banking and Finance (“Department”) took possession of Community Bank of Rockmart, Rockmart, Georgia on November 10, 2011.  The Superior Court of Polk 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 of Rockmart.

The Department took possession of Community Bank of Rockmart 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 of Rockmart will be acquired by Century Bank of Georgia, Cartersville, Georgia.

All deposit accounts of Community Bank of Rockmart have been transferred to Century Bank of Georgia and will be available immediately.  In observance of the Veterans’ Day holiday, the sole location of Community Bank of Rockmart will reopen during normal business hours on Saturday, November 12th, as a branch of Century Bank of Georgia.  Customers of both banks should continue to use their existing branches until Century Bank of Georgia can fully integrate the deposit records of Community Bank of Rockmart. Additionally, the former depositors of Community Bank of Rockmart can continue to access their accounts through automated teller machine transactions, checks and debit transactions. 

All deposits will be transferred to Century Bank of Georgia and, therefore, it is not anticipated that there will be any loss exposure to former Community Bank of Rockmart 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.  Additional information on FDIC Deposit Insurance may be found 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 of Rockmart.  Please refer to the FDIC’s website for further information regarding the details of the purchase and assumption transaction. The website is http://www.fdic.gov/bank/individual/failed/rockmart.html and the toll-free phone number is 1-800-528-6215.  The phone number is operational this evening until 9 p.m. Eastern Standard Time, on Friday and Saturday from 9 a.m. until 6 p.m., on Sunday from noon to 6 p.m., on Monday from 8:00 a.m. to 8:00 p.m., and thereafter from 9:00 a.m. to 5:00 p.m.