Banks Closed by FDIC: Southern Community Bank - Claim Your Insured Retirement or Savings Account, CD or Safe Deposit Box

	Friday, June 19, 2009: Southern Community Bank, Fayetteville, GA was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of May 29, 2009, Southern Community Bank had total assets of $377 million and total deposits of approximately $307 million. The FDIC entered into a purchase and assumption agreement with United Community Bank, Blairsville, Georgia, to assume all of the deposits of Southern Community Bank All deposit accounts were transferred to United Community Bank, Blairsville, GA and are available immediately. On Saturday, June 20, 2009, the five former Southern Community Bank locations reopened as branches of United Community Bank Transferred deposits will be separately insured from any accounts you may already have at United Community Bank for six months after the failure of Southern Community Bank. All interest accrued through Friday, June 19, 2009, will be paid at your same rate, however United Community Bank will be reviewing rates. United Community Bank 59 Highway 515 Blairsville,GA 30512 http://www.ucbi.com United Community Bank paid a premium of 1 percent to acquire all of the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, United Community Bank agreed to purchase approximately $364 million of assets. The FDIC will retain the remaining assets for later disposition. The FDIC and United Community Bank entered into a loss-share transaction on approximately $253 million of Southern Community Bank's assets. United Community Bank will share in the losses on the asset pools covered under the loss-share agreement. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $114 million. For additional information and assistance contact the FDIC at: 866-308-4470; or go to: http://www.fdic.gov/bank/individual/failed/scb.html
2009 FDIC Insured Failed Banks




Southern Community Bank 525 North Jeff Davis Drive Fayetteville, GA 30214 www.southerncommunitybank.com
Established on 6/2/2000 as Southern Community Bank
Assets: $377 million
Deposits: $307 million


Cost to FDIC: $114 million

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 Southern Community Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Southern Community Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
1-800-568-9161

Note: There was no publicly owned stock in Southern Community Bank. If you are an equity shareholder, your shares are in Southern Community Bancshares, Inc, the holding company for Southern Community Bank. Contact: Southern Community Bancshares, Inc, 525 North Jeff Davis Drive
P.O. Box 142069, Fayetteville, GA 30214.

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 on 6/2/2000 as Southern Community Bank