The Community Bank, Loganville, GA has become the 20-th FDIC victim of 2008. The bank was was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. Bank of Essex of Tappahannock, Virginia, will take over all of the deposits.
Community Bank of Loganville, Georgia, was closed by a state regulator today, the 20th U.S. bank seized this year as foreclosures rise and home prices extend declines in the worst housing slump since the Great Depression.
Bank of Essex in Tappahannock, Virginia, will take over all of the $611.4 million of deposits from Community Bank, the Federal Deposit Insurance Corp. said today in an e-mailed statement. Community Bank’s four offices will open Nov. 24 as Bank of Essex branches.
“Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage,” the FDIC said.
You can read the FDIC press release at the official web page.
There will be some minor changes in banking services. For more information see section V of the FDIC web page.
The Automated Teller Machines (ATM) and online service will remain available.
As of Monday, November 24, 2008, you may continue to use the services to which you previously had access, such as, safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s) as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office. An account representative will clear up any confusion about the validity of your checks.
The FDIC’s secret list of problem banks had up to 117 institutions in the second quarter, a 30 percent jump from the first quarter, according to the agency.