Failed Bank Information
Information for Community Bank of Rockmart, Rockmart, 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 (3.59 mb PDF File - PDF Help)
- Bid Summary
- 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.
On Thursday, November 10, 2011, Community Bank of Rockmart, Rockmart, GA wasclosed 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-178-2011) 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, excluding the Cede & Co. deposits, have been transferred to Century Bank of Georgia, Cartersville, GA ("assuming institution") and will be available immediately. The former Community Bank of Rockmart location will reopen as a branch of Century Bank of Georgia during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at Century Bank of Georgia for six months after the failure of Community Bank of Rockmart. Checks that were drawn on Community Bank of Rockmart that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling (888) 206-4662 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 Century Bank of Georgia as long as the deposits are not pledged as collateral for loans. You may view more information about Century Bank of Georgia by visiting their web site.
Century Bank of Georgia (www.centurybanknet.com)
V. Banking Services
The Automated Teller Machines (ATM) and online service will remain available.
The bank will maintain its regular business hours, and 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 Thursday, November 10, 2011 will be paid at your same rate. Century Bank of Georgia will be reviewing rates. You will be notified of any changes.
Your direct deposits and automatic withdrawals will be transferred to your new bank. If you have any questions or special requests, you may contact a representative of your new bank at your branch office.
VI. Loan Customers
If you had a loan with Community Bank of Rockmart, 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 Century Bank of Georgia, please contact your branch office. Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information.
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. If you or your company provided a service or product, leased space, furniture, or equipment to Community Bank of Rockmart after Thursday, November 10, 2011 and have not been paid, you do not have a claim against Community Bank of Rockmart. Please follow your normal billing procedures by providing an invoice as instructed.
If you or your company provided a service or product, leased space, furniture, or equipment to Community Bank of Rockmart prior to Thursday, November 10, 2011 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 Community Bank of Rockmart prior to the bank's failure for which you have not been paid and you have not received communication, please contact:
FDIC as Receiver for Community Bank of Rockmart
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before 02/14/2012.
Shareholders have a claim against the receivership; however, they have the lowest priority of claim. You should discuss this with an accountant and/or the IRS concerning the exact requirements necessary to recognize the investment as a loss for tax purposes. The FDIC does not require stockholders to file a claim with the Receiver. However, we recommend that you keep our office informed of any address change, should we need to contact you in the future.
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.