FDIC Call Center
Toll free number 1-800-405-8028
Hours of Operation – Eastern Time
Friday, December 4, 2009:
Until 9:00 p.m.
Saturday, December 5, 2009:
a.m. – 6:00
Sunday, December 6, 2009:
Noon – 6:00
8:00 a.m. – 8:00
On Friday, December 4, 2009, The Buckhead Community Bank, Atlanta, GA, was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, State Bank and Trust Company, Macon, GA acquired substantially all the deposits and assets of The Buckhead Community Bank from the FDIC as Receiver for The Buckhead Community Bank. Any claims by equity holders were not acquired.
The total balance in your account(s) has been transferred to State Bank and Trust Company and will be available for transactions during regular business hours at the former offices of The Buckhead Community Bank. This includes the six branch offices listed below:
The Sandy Springs Community Bank
6000 Sandy Springs Circle, Sandy Springs, GA
The Midtown Community Bank
860 Peachtree Street, Atlanta, GA
The Alpharetta Community Bank
2755 Old Milton Parkway, Alpharetta, GA
The Cobb Community Bank
3333 Riverwood Parkway, Atlanta, GA
The Forsyth Community Bank
1700 Market Place Boulevard,
The Hall Community Bank
311 Greene Street, NW, Gainesville,
You may continue to use your same checks, ATM cards and debit cards until notified.
All Direct Deposits, including Social Security checks, will continue as usual.
What about my account with The Buckhead Community Bank?
If you had an account with The Buckhead Community Bank, you now have an account with State Bank and Trust Company, Macon, GA. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to State Bank and Trust Company, regardless of the dollar amount. No one lost any money on deposit in The Buckhead Community Bank.
Customers of both banks should continue to use their existing branches until State Bank and Trust Company can fully integrate the deposit records of The Buckhead Community Bank.
To forewarn you of any scams, please be advised that you will not receive any e-mail notification from the FDIC, the Receiver, or State Bank and Trust Company to claim/unlock/unsuspend your account or to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of The Buckhead Community Bank, State Bank and Trust Company, or the FDIC.
I am a deposit broker or have brokered deposits. What do I do?
As an All-Deposit Transfer transaction, the total of
all deposit accounts, excluding the Cede & Co. brokered deposits, have
been assumed by State Bank and Trust Company. The FDIC retained
the Cede & Co.
brokered deposits and will pay those accounts off directly.
Be advised, however, that from and after the date of closing, State Bank and Trust Company will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, State Bank and Trust Company shall permit depositors, including brokered depositors, impacted by reduced rates to withdraw their deposits without penalty for early withdrawal.
If you are a customer who has a deposit through a broker at The Buckhead Community Bank, you must contact your broker with any questions.
Existing Deposits at State Bank and Trust Company:
I already have other deposit accounts with the new bank. When combined with balances at this bank,
my deposits exceed $250,000. Are all funds insured?
The accounts transferred to State Bank and Trust Company will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure the accounts, if necessary.
CDs from the failed bank are separately insured until the earliest maturity date after the end of the six-month grace period.
CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.
Interest Rates, Early Withdrawal Penalty:
Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
Interest on all deposits accrued through Friday, December 4, 2009, will be paid at your same rate. State Bank and Trust Company will review rates and notify you if interest rates will change. Your interest rate may be reduced.
You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to or a withdrawal from your account.
What about my loan or mortgage with The Buckhead Community Bank?
All mortgages and loans have been assumed by State Bank and Trust Company. Your payment amount and due date are the same. If you are having your payment deducted from your account, it will continue as it has in the past. You should continue to make your checks payable to The Buckhead Community Bank and send your payments to the same address.
All shares of The Buckhead Community Bank were owned by its holding company, Buckhead Community Bancorp, Inc. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Buckhead Community Bancorp, Inc., please do not contact or file a claim with the Receiver. You may contact Buckhead Community Bancorp, Inc., directly for information:
Buckhead Community Bancorp, Inc.
415 E. Paces Ferry Road
Atlanta, GA 30305
Dawn Kinard: 1-404-504-2557
Marvin Cosgray: 1-404-917-2300
Why do all deposits, insured or not, pass in some transactions but not in others?
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.