FDIC Insurance: The First Georgia Community Bank Jackson, Georgia

	Friday, December 5, 2008: First Georgia Community Bank, Jackson, GA was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of November 7, 2008, First Georgia Community Bank had assets of $237.5 million and total deposits of $197.4 million. The FDIC entered into a purchase and assumption agreement with United Bank, Zebulon, Georgia, to assume all of the deposits of First Georgia Community Bank. United Bank agreed to assume all the deposits for .811% premium. 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. The four branches of First Georgia Community Bank located in Jackson, Covington, Griffin and Locust Grove reopened on December 6, 2008 as branches of United Bank. Depositors of the failed bank automatically became depositors of United Bank. United Bank 400 Griffin Street Zebulon, GA 30295 http://www.accessunited.com In addition to assuming all of the failed bank's deposits, United Bank will purchase approximately $60.6 million of assets. The FDIC will retain the remaining assets for later disposition The FDIC estimates that the cost to the Deposit Insurance Fund will be $72.2 million. For additional information and assistance contact the FDIC at: 800-930-5172 or go to: http://www.fdic.gov/bank/individual/failed/firstga.html
2008 FDIC Insured Failed Banks




First Georgia Community Bank 150 Covington Street Jackson, GA 30233 http://www.firstga.com
Established on 9/8/1997 as First Georgia Community Bank
Assets: $238 million
Deposits: $197 million


Cost to FDIC: $72 million

Insured deposits: All deposit accounts have been transferred to United Bank, Zebulon Georgia, and are available immediately.

Services: Automated Teller Machines (ATM) and online services remain available at the time of closing. As of Saturday, December 6, 2008, depositors may continue to use the services to which they previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.

Checks: Checks will be processed as usual. All outstanding checks will be paid against your available balance 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, contact your branch office.

Interest: All interest accrued through Friday, December 5, 2008, 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.

Withdrawals: Account owners may withdraw your funds from any transferred account without an early withdrawal penalty until a new deposit agreement is signed with United Bank, as long as the deposits are not pledged as collateral for loans.

Automatic Direct Deposits: Automatic direct deposits and/or automatic withdrawals will be transferred automatically to your new bank. Contact a representative of your assuming institution at your branch office.

Loans: 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. 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 call 1-800-930-5172.

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 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
800-568-9161

Consumer Alert

Unclaimed FDIC Insured Deposits

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

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search

History: Established in 1997 as First Georgia Community Bank