Each depositor insured to at least $250,000 per insured bank

Question and Answer Guide

Central Bank of Georgia, Ellaville, GA


The following list of responses to frequently asked questions may assist you in understanding what is happening at Central Bank of Georgia.

On Friday, February 24, 2012, Central Bank of Georgia, Ellaville, GA was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Ameris Bank, Moultrie, GA acquired all the deposits and substantially all the assets of Central Bank of Georgia from the FDIC as Receiver. All shares of stock were owned by the holding company, which was not involved in this transaction.

YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this bank. All deposits, regardless of dollar amount, were transferred to Ameris Bank.

ACCESS TO YOUR MONEY: You may continue to use your outstanding checks and they will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual. The total balance in your account(s), including checking, savings, money market, non-brokered Certificates of Deposit, and retirement accounts, has been transferred to the new bank and will be available for transactions during regular business hours at the former bank branches.

DIRECT DEPOSITS: All direct deposits, for example, social security checks, payroll, veteran’s benefits, welfare and/or disability, unemployment or any payment you receive electronically will continue as usual.

AUTOPAYMENTS/BILLPAY/ONLINE BANKING: These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by the new bank.

INTEREST RATES: Interest on deposits accrued through close of business on February 24, 2012 will be paid at your same rate. Central Bank of Georgia's rates will be reviewed by the new bank and may be lowered; however, you will be notified in writing of any changes. You may withdraw funds from any transferred account, regardless of whether your interest rate changes, without early withdrawal penalty until you enter into a new deposit agreement with the new bank.

BROKERED DEPOSITS: As an All-Deposits Transfer transaction, the total of all deposit accounts, including brokered deposits, have been assumed by Ameris Bank. If you are a customer who has a Central Bank of Georgia deposit through a broker, you must contact your broker with any questions.

TAX REPORTING – 1098 AND/OR 1099:  The bank who assumed your deposit account will be responsible for mailing your 1099 tax information.  Your 1098 reporting will be done by the FDIC or the servicer of your loan.  You will be notified of any changes in ownership or servicing of your loan.

SAFE DEPOSIT BOXES: You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by the new bank.

OVERDRAFT LINES OF CREDIT: These lines have been transferred to the new bank. Please contact the new bank if you have additional questions regarding your accounts.

LOAN PAYMENTS: You should continue to make your payments according to the terms of your written contract. You may continue to make your payments at the branch office or send them to the same payment address with checks made payable to Central Bank of Georgia.

ESCROW PAYMENTS: All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance was not paid, notify your loan officer immediately.

LOANS IN PROCESS: Please contact your current loan officer directly.

SHARES OF STOCK: All shares of stock were owned by the holding company, Middle Georgia Corporation, Ellaville, GA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Middle Georgia Corporation, please do not contact or file a claim with the receiver. You must contact the holding company directly for more information:

Middle Georgia Corporation
285 South Broad Street
Ellaville, GA  31806

CLAIMS: Please send claims for unpaid bills to the following address:

FDIC as Receiver for Central Bank of Georgia
1601 Bryan Street
Dallas, TX  75201-3430
Attention: Claims Agent

DEPOSIT INSURANCE INFORMATION: If you have accounts in both the failed and the new bank, they will be insured separately for at least six months following the merger of the banks. This will allow you time to restructure your accounts if necessary.

ADDITIONAL QUESTIONS: You may contact the FDIC Call Center at the number provided below with any additional questions:

FDIC Call Center
Toll free number 1-800-523-0640
Hours of Operation – Eastern Time
Friday, February 24, 2012:  Until 9:00 p.m.
Saturday, February 25, 2012:
  9:00 a.m. – 6:00 p.m.
Sunday, February 26, 2012:
  Noon – 6:00 p.m.
Monday, February 27, 2012:
  8:00 a.m. – 8:00 p.m.
Thereafter:
  9:00 a.m. – 5:00 p.m.

SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting personal information from you related to this event, please contact the call center above and you will be directed to the appropriate person.

For more information: www.fdic.gov/bank/individual/failed/cbg.html


Last Updated 03/21/2014 cservicefdicdal@fdic.gov