Failed Bank Information
Information for The Community Bank, Loganville, GA
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (3.6 mb PDF File - PDF Help)
- Balance Sheet Summary
On November 21, 2008, The Community Bank, Loganville, 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.
II. Press Release
The FDIC has issued a press release (PR-123-2008) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact David Barr at 202-898-6992 or Andrew Gray at 202-494-1049.
III. Acquiring Financial Institution
All deposit accounts have been transferred to Bank of Essex, Tappahannock, VA ("assuming institution") and will be available immediately. On Monday, November 24, 2008, the former offices of The Community Bank locations will reopen as branches of Bank of Essex.
Your transferred deposits will be separately insured from any accounts you may already have at Bank of Essex for six months after the failure of The Community Bank. Checks that were drawn on The 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 (888) 206-4662.
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 Bank of Essex as long as the deposits are not pledged as collateral for loans. You may view more information about Bank of Essex by visiting their web site.
Bank of Essex (www.bankofessex.com)
V. Banking Services
The Automated Teller Machines (ATM) and online service will remain available.
As of Monday, November 24, 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, November 21, 2008, will be paid at your same rate. Bank of Essex 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.
VI. Loan Customers
If you had a loan with The Community Bank, you should continue to make your payments as usual. The terms of your loan will not change because they are contractually agreed to 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, please contact your loan officer directly.
For all questions regarding new loans and the lending policies of Bank of Essex, please contact your branch office.
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 The Community Bank, and have not received a notice, please contact:
FDIC as Receiver for The Community Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
Call toll free (888) 206-4662
VIII. 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
IX. Dividend Information
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.