On December 5, 2008, First Georgia Community Bank, Jackson, 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.
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 have been transferred to
United Bank, Zebulon, GA ("assuming
and will be available immediately. On Saturday,
December 6, 2008,
the former First Georgia Community Bank locations will reopen as branches of
Your transferred deposits will be separately insured from any accounts
you may already have at United Bank for six
months after the failure of First Georgia Community Bank. Checks
that were drawn on First Georgia 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 1-800-930-5172.
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 United Bank as
long as the deposits are not pledged as collateral for loans. You may view
information about United Bank by visiting
their web site.
The Automated Teller Machines (ATM) and online sevice will remain available.
As of Saturday, December 6, 2008,
you may continue to use the services to which you previously had access,
safe deposit boxes, night deposit boxes, wire services,
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 5,
will be paid at your same rate. United Bank 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
If you had a loan with First Georgia Community Bank, you should
continue to make your payments as usual. The terms of your loan
will not change under the terms of the loan contract because they are contractually
agreed to in 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, you may
For all questions regarding new loans and the lending policies of United Bank, please contact your branch office.
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 First Georgia Community Bank,
and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Receiver: First Georgia Community Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
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.