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Failed Bank Information
Information for First Georgia Community Bank, Jackson, 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 (636Kb PDF File - PDF Help)
  12. First Georgia Community Bank Contact Information
  13. Balance Sheet Summary
I.  Introduction
On December 5, 2008, First Georgia Community Bank, Jackson, 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-132-2008) about the institution's closure.  If you represent a media outlet and would like information about the closure, please contact LaJuan Williams Young at 202-898-3876.
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III.  Acquiring Financial Institution
All deposit accounts have been transferred to United Bank, Zebulon, GA ("assuming institution") and will be available immediately.  On Saturday, December 6, 2008, the former First Georgia Community Bank locations will reopen as branches of United Bank.

Your transferred deposits will be separately insured from any accounts you may already have at United Bank for six months after the failure of First Georgia Community Bank. Checks that were drawn on First Georgia Community 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 1-800-930-5172.

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

United Bank (www.accessunited.com)

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V.  Banking Services
The Automated Teller Machines (ATM) and online sevice will remain available.

As of Saturday, December 6, 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.

All interest accrued through Friday, December 5, 2008, will be paid at your same rate.  United Bank will be reviewing rates and will provide further information soon.  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 Georgia Community Bank, you should continue to make your payments as usual.  The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to in your promissory note with the failed institution.  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, you may call 1-800-930-5172.

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

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VII.  Possible Claims Against the Failed Institution
Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure.  Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process.

Please note: there are time limits for filing a claim, as specified in the notice.

If you provided a service for First Georgia Community Bank, and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: First Georgia Community Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201

Or:
Call toll free 1-800-568-9161

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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 Georgia Community 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 Processing Guide

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Last Updated 08/16/2012 cservicefdicdal@fdic.gov