Failed Bank Information
Information for First Cherokee State Bank, Woodstock, GA
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement - PDF 6Mb
- Bid Summary
- Receivership Termination
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.
On Friday, July 20, 2012, First Cherokee State Bank, Woodstock, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership is deemed terminated.
II. Press Release
The FDIC has issued a press release (PR-084-2012) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 1-202-898-3876.
III. Acquiring Financial Institution
All deposit accounts, including brokered deposits, have been transferred to Community & Southern Bank, Atlanta, GA ("assuming institution") and will be available immediately. The former First Cherokee State Bank locations will reopen as a branch of Community & Southern Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at Community & Southern Bank for six months after the failure of First Cherokee State Bank. Checks that were drawn on First Cherokee State Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling 1-800-640-2751.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Community & Southern Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Community & Southern Bank by visiting their web site.
Community & Southern Bank (www.mycsbonline.com)
IV. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
V. Dividend Information
VIII. Receivership Termination
The FDIC as Receiver for First Cherokee State Bank, Woodstock, GA, has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in the Federal Register on February 26, 2016.
The Receiver has made all dividend distributions required by law.
Effective June 1, 2016, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.