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Community Bank and Trust founded in 1900 closed down
Toronto News.Net
Friday 29th January, 2010
Community Bank and Trust, in Cornelia, Georgia, has joined the list of failed U.S. banks.
Community Bank and Trust was the oldest bank in Habersham County and one of the oldest financial institutions in Northeast Georgia. Founded in 1900, the bank celebrated its 100th Birthday in the Year 2000, and would have celebrated its 110th anniversary this year.
Considered a banking "pioneer" by many in the financial services industry, Community Bank & Trust was the first bank to establish a Trust Department; first to offer Discount Brokerage Services; first to install Automated Teller Machines (ATMs); and the first bank in the Nation to license the Supermarket Banking concept. Its subsidiary, Financial Supermarkets, Inc., was also the first company to introduce in-store banking in Europe.
Unfortunately the proud history of Community Bank and Trust has come to a tragic end. The Georgia Department of Banking and Finance shut the bank down on Friday.
The Federal Deposit Insurance Corporation (FDIC) was engaged as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SCBT, N.A., Orangeburg, South Carolina, to assume all of the deposits of Community Bank and Trust.
The 36 branches of Community Bank and Trust in Habersham, Hall, White, Rabun, Stephens, Jackson, Banks, Barrow, Oconee, Towns, Troup, and Muscogee Counties in Georgia, as well as banking centers in Autauga, Bullock and Montgomery Counties in Alabama, will reopen during normal business hours as branches of SCBT, N.A., but will continue to conduct business under the name Community Bank and Trust. Depositors of Community Bank and Trust will automatically become depositors of SCBT, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage, the FDIC announced on Friday. Customers should continue to use the former Community Bank and Trust branch until they receive notice from SCBT, N.A. that it has completed systems changes to allow other SCBT, N.A. branches to process their accounts as well.
Over the weekend, depositors of Community Bank and Trust can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual, the FDIC advised.
As of September 30, 2009, Community Bank and Trust had approximately $1.21 billion in total assets and $1.11 billion in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $354.5 million.  Email this story to a friend
Comments on this story
Anonymous
01-30-10, 03:34 AM |
Community Bank and Trust shut down in 110th year
Another victim of Obamas economy system. Where is the beef? There is no longer a beef,only the hoof is left.
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Anonymous
01-30-10, 05:39 PM |
Justice is served
The owners of this failed, corrupt banking system are merely getting their taste of cosmic justice. We oursleves have been vicitms of their evil, money chasing vicious slander. Having served as faithful employees - indentured servants or slaves is a better term - I can only hope that the Wingate family is not having a good day. Justice is at work!
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unemployed
01-31-10, 08:14 PM |
Community Bank & Trust
According to Obama when the insurance companies, automobile manufactures, and banks are bailed out all is going to be better. The only thing that is better is the unemployment rate. He and our congress have no idea what the real world is all about. We are in a recession where Washington will admit it or not.
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micky finn
02-03-10, 08:16 AM |
Obama has nothing to say
he is a public spoke person for far greeater power hungry people. he is an educated actor and nothing more he is paid to tell lies in a sincere way so the average person could believe he cares/ he may, but it doesent matter the script was allredy written for him.He should be up for an oscar?or something so inportant as that?wake up america ,it’s being taken away from you piece by piece.If you believe him than you must think the Fed. is a real bank too, follow the white rabbit.Where if the gold to back the dollar ,it’s a worthless piece of well printed paper back by bull — -t. wake up it may be already to late.This if fact not fiction. Believe what you want go home and what the telly it gives you all the answers you can handle..sleep tight ....Don’t ask about the world bank you’ll feel dissapointed.Lady GaGa is more inportant too you, Mr. America....
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anonymous2
02-09-10, 01:01 PM |
Who's to Blame?
This is not due to Obama and his administration; this lies with the Republican Party and their
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Chairman
02-09-10, 11:39 PM |
Correction to above story
the troup, muscogee county were not part of the purchase; alabama was not either.
please read the FDIC and SCBT press release before you print the incorrect information AGAIN
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