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ORDERS TO CEASE AND DESIST
ISSUED AGAINST GEORGIA BANKS
FOR IMMEDIATE RELEASE
PR-83-97 (11-17-97)
Media Contact:
Phil Battey (202) 898-7192

The Federal Deposit Insurance Corporation and the Georgia Department of Banking and Finance today announced the joint issuance of Cease and Desist Orders against three affiliated Georgia banks, the Farmers and Merchants Bank, Eatonton (35kb PDF file - PDF Help or hard copy) ; The Farmers Bank, Union Point (35kb PDF file - PDF Help or hard copy) ; and the First Bank of Coastal Georgia, Pembroke (35kb PDF file - PDF Help or hard copy). These enforcement actions were coordinated with the Federal Reserve Board, which also issued a Cease and Desist Order against the parent holding company, Putnam-Greene Financial Corporation, Eatonton, Georgia.

These Orders are issued to ensure that adequate information systems are established and implemented. These Orders are also the first enforcement actions taken by the Federal Deposit Insurance Corporation and the other supervisory agencies to address Year 2000 compliance issues.

The Cease and Desist Orders were issued to ensure that adequate information systems are in place in the affiliated banks, that adequate internal controls are maintained, and the banks' computer-related operations will function effectively on January 1, 2000, and beyond.

Copies of the joint Order of the Federal Deposit Insurance Corporation and Georgia Department of Banking and Finance are available from the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 11,191 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.

FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov, and may also be obtained through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).

Last Updated 07/14/1999 communications@fdic.gov