- 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 (1.06 MB PDF File - PDF Help)
- Bid Summary
- Appalachian Community Bank, FSB Contact Information
- Balance Sheet Summary
On Friday, December 17, 2010, Appalachian Community Bank, FSB, McCaysville, GA was closed by the Office of Thrift Supervision, 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.Back to top
The FDIC has issued a press release
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact LaJuan Williams-Young at
All deposit accounts associated with 1) transaction accounts (checking, money market and savings accounts), 2) IRA accounts and 3) Certificates of Deposits of depositors located in Georgia, Tennessee and North Carolina, excluding the Cede & Co. deposits, have been transferred to Peoples Bank of East Tennessee, Madisonville, TN ("assuming institution") and will be available immediately. The former Appalachian Community Bank, FSB locations will reopen as branches of Peoples Bank of East Tennessee during regular business hours. "Out-of-state" deposits such as non-IRA CD or Qwick Rate CD, if unencumbered, will automatically be closed, and the FDIC will mail proceeds checks, including interest earned through closing date, on Monday, December 20, 2010. You will not be assessed an early withdrawal penalty.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Peoples Bank of East Tennessee as long as the deposits are not pledged as collateral for loans. You may view more information about Peoples Bank of East Tennessee by visiting their web site.
Peoples Bank of East Tennessee (www.peoplesbank-tn.com)Back to top
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 Friday, December 17, 2010 will be paid at your same rate. Peoples Bank of East Tennessee 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 assuming institution at your branch office.Back to top
If you had a loan with Appalachian Community Bank, FSB, 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 Peoples Bank of East Tennessee, please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.Back to top
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 Appalachian Community Bank, FSB after Friday, December 17, 2010 and have not been paid, you do not have a claim against Appalachian Community Bank, FSB. 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 Appalachian Community Bank, FSB prior to Friday, December 17, 2010 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 Appalachian Community Bank, FSB prior to the bank's failure for which you have not been paid and you have not received communication, please contact:
Appalachian Community Bank, FSB
8800 Baymeadows Way West
Jacksonville, FL 32256
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before .
All shares of Appalachian Community Bank, FSB were owned by its holding company, Appalachian Bancshares, Inc., Ellijay, GA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Appalachian Bancshares, Inc., please do not contact or file a claim with the Receiver. You may contact Appalachian Bancshares, Inc. directly for information as follows:
64 Sailors Drive, Suite 106
Ellijay, GA 30540
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
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.Back to top General Disclaimer