What about my account with Security Bank of North Metro?
If you had an account with Southern Community Bank, you now have an account
with United Community Bank. All deposit accounts, which include Checking,
Savings, Money Market, CDs and Retirements accounts, have been transferred
to United Community Bank, Blairsville, GA, regardless of the dollar amount.
No one lost any money on deposit in Southern Community Bank.
Customers of both banks should continue to use their existing branches until
United Community Bank can fully integrate the deposit records of Southern
Community Bank. Branches with Saturday hours will open for normal business
hours on Saturday, June 20, 2009.
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 scams
to obtain information from you.
ATM/debit card and/or Billpay:
What about my ATM/debit card and/or bill paying with Security Bank of North Metro?
Your ATM/debit card will continue to work, and bill paying will work as
it has in the past.
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,
including brokered deposits, have been assumed by United Community Bank.
Be advised, however, that from and after the date of closing, United Community Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, United Community Bank 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 Southern Community Bank deposit through a broker, you must contact
your broker with any questions.
Direct Deposits - Government Deposits:
What will happen to my direct deposits?
Direct Deposits will continue as normal, including Social Security checks.
Existing Deposits at State Bank and Trust Company 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 United Community Bank 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?
United Community Bank will be reviewing rates and will notify you.
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 Security Bank of North Metro?
All mortgages and loans have been assumed by United Community Bank. 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 Southern Community Bank
and send your payments to the same address.
Loans in Process:
What happens if I had a loan in process that had not closed or a line of credit not fully funded?
You should contact your loan officer. All prior contacts remain the same.
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
What about checks that I have written on my account with Security Bank of North Metro?
Your checks will clear up to the available balance in your account. You
can continue to use your existing checks.
Safe Deposit Boxes:
How can I claim the contents of my safe deposit box?
It is business as usual. You can go to your local branch and access your
safe deposit box; however, no action on your part is required because of this transaction.
What about my shares of stock?
There was no publicly owned stock in Southern Community Bank. If you are
an equity shareholder, your shares are in Southern Community Bancshares,
Inc., Fayetteville, GA, the holding company for Southern Community
Bank, and not the institution. Southern Community Bancshares, Inc. and
the interests of equity, debt holders, or other creditors of Southern
Community Bancshares, Inc. are not included in the closure or receivership
Please do not file a claim with the Receiver. Instead, contact Southern
Community Bancshares, Inc. directly for information:
Southern Community Bancshares, Inc
525 North Jeff Davis Drive
P.O. Box 142069
Fayetteville, GA 30214
Any claims by equity holders were not acquired.
All claims against Southern Community Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
FDIC as Receiver of Southern Community Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
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 is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.