First National Bank of Georgia closed by FDIC. Accounts transferred to Community and Southern bank. Depositors must reclaim FDIC-insured accounts

	January 29, 2010: First National Bank of Georgia, Carrollton, GA was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation was named receiver. Assets & Deposits: As of September 30, 2009, First National Bank of Georgia had approximately $832.6 million in total assets and $757.9 million in total deposits. Successor Bank: All deposit accounts, excluding certain brokered deposits, have been transferred to Community and Southern Bank, Carrollton, GA, a newly formed Georgia state bank, and are available immediately. On January 30, 2010, the eleven former First National Bank of Georgia locations reopened as branches of Community and Southern Bank. Community & Southern Bank 201 Maple Street Carrollton, GA 30117 http://www.fnbga.com FDIC Insurance: Transferred deposits will continue to be insured by the FDIC. Interest: All interest accrued through Friday, January 29, 2010 will be paid at your same rate. Community and Southern Bank will be reviewing rates. Checks, Loans, Interest and Automated Transactions: Checks will be processed as usual. Automatic direct deposits and withdrawals will be transferred to your new bank. If you had a loan with First National Bank of Georgia you should continue to make your payments as usual. Cost to FDIC: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $260.4 million. Community & Southern Bank will pay the FDIC a premium of 1.25 percent to assume all of the deposits of First National Bank of Georgia. In addition to assuming all of the deposits of the failed bank, Community & Southern Bank agreed to purchase essentially all of the assets. The FDIC and Community & Southern Bank entered into a loss-share transaction on $607.4 million of First National Bank of Georgia's assets. Note: ► Depositors must establish contact with the successor bank or the FDIC, when there is no successor, to reclaim their deposits. Failure to do so could ultimately result in a loss of insured funds. ► The interest rate paid by your former bank is subject to immediate change. ► Transferred deposits are separately insured for only 6 months after the date of transfer. ► Beneficial owners of fiduciary accounts (including UTMA, IOLTA and brokered CDs) should contact their brokers immediately to ensure proper claims procedures are followed. ► Safe deposit boxes should be promptly claimed.
2009 FDIC Insured Failed Banks




First National Bank of Georgia 201 Maple Street Carrollton, GA 30117
Established on 9/16/1946 as West Georgia National Bank Of Carrollton
Assets: $833 million
Deposits: $758 million


Cost to FDIC: $260 million

History: You may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

09/16/1946 - Established as West Georgia National Bank Of Carrollton
04/13/2004 - Changed name to West Georgia National Bank
07/01/2007 - Changed name to First National Bank Of Georgia
07/01/2007 - Acquired First National Bank Of Georgia - Buchanan, Georgia

Depositor Alert

Unclaimed FDIC Insured Deposits

There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.

This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.

In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.

Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.

It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Missing Money Search

Depositor Claims: For additional information and assistance on the First National Bank of Georgia receivership contact the FDIC at: 1-800-886-2504; or go to: http://www.fdic.gov/bank/individual/failed/firstnational-carrollton.html

Creditor Claims: 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. If you provided a service for First National Bank of Georgia and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: First National Bank of Georgia
1601 Bryan Street
Dallas, TX 75201
Attention: Claim Agent
1-800-568-9161