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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Failed Bank Information

Information for First Coweta Bank, Newnan, GA

  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Question and Answer Guide
  5. Banking Services
  6. Loan Customers
  7. Possible Claims Against the Failed Institution
  8. Priority of Claims
  9. Dividend Information
  10. Brokered Deposits
  11. Purchase and Assumption Agreement (573 kb PDF File - PDF Help)
  12. Bid Summary
  13. First Coweta Bank Contact Information
  14. Balance Sheet Summary

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.

I.  Introduction

On August 21, 2009, First Coweta Bank, Newnan, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information, which should answer many of your questions.

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II.  Press Release

The FDIC has issued a press release (PR-148-2009) 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.

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III.  Acquiring Financial Institution

All deposit accounts, excluding certain brokered deposits, have been transferred to United Bank, Zebulon, GA ("assuming institution") and will be available immediately.  On Saturday, August 22, 2009, the former First Coweta Bank locations will reopen as branches of United Bank, Zebulon, GA.

Your transferred deposits will be separately insured from any accounts you may already have at United Bank, Zebulon, GA for six months after the failure of First Coweta Bank. Checks that were drawn on First Coweta 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 regarding deposit insurance by calling 1-800-405-8028.

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - 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 United Bank, Zebulon, GA as long as the deposits are not pledged as collateral for loans. You may view more information about United Bank, Zebulon, GA by visiting their web site.

United Bank, Zebulon, GA (

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V.  Banking Services

The Automated Teller Machines (ATM) and online service will remain available.

As of Saturday, August 22, 2009, 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.

All interest accrued through Friday, August 21, 2009, will be paid at your same rate. United Bank, Zebulon, GA will be reviewing rates. You will be notified of any changes.

Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to your new bank. If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office.

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VI.  Loan Customers

If you had a loan with First Coweta Bank, you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.

For all questions regarding new loans and the lending policies of United Bank, Zebulon, GA, please contact your branch office.

Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information.

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VII.  Possible Claims Against the Failed Institution

If you or your company provided a service or product, leased space, furniture, or equipment to First Coweta Bank after Friday August 21, 2009 and have not been paid you do not have a claim against First Coweta Bank. Please follow your normal billing procedures by providing an invoice as instructed.

Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to First Coweta Bank prior to Friday August 21, 2009 and have not been paid you may be entitled to a claim against the bank. If you provided a product to or a service for First Coweta Bank prior to the bank's failure for which you have not been paid and you have not received communication, contact:

Federal Deposit Insurance Corporation
Receiver:   First Coweta Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent

Please note:  There are time limits for filing a claim, your claim must be filed on or before 11/25/2009.

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VIII.  Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

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IX.  Dividend Information

Dividend History on First Coweta Bank

Dividend Information on Failed Financial Institutions

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X.  Brokered Deposits

The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele.  This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.

Deposit Broker's Processing Guide

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General Disclaimer