Patriot Bank Reopens As Georgia Commerce Bank

Regulators closed in Cumming and CreekSide Bank in Woodstock and Acworth on Friday. The three branches will reopen Tuesday, because of the Labor Day holiday, as branches of Georgia Commerce Bank, Atlanta, the Federal Deposit Insurance Corp. announced.

The bank branches are in Forsyth County, Cobb and Cherokee:

• 2555 Peachtree Parkway, Cumming
• 100 Springfield Dr., Woodstock
• 590 Cobb Pkwy NW, Acworth

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Georgia Commerce Bank.

According to a news release by the FDIC, Patriot Bank and CreekSide Bank depositors will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.

Customers should also continue to use their existing branches until they receive notice from Georgia Commerce Bank that it has completed systems changes to allow other branches of Georgia Commerce Bank to process their accounts as well.

Over the weekend, depositors 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.

As of June 30, 2011, Patriot Bank of Georgia had approximately $150.8 million in total assets and $111.2 million in total deposits; and CreekSide Bank had total assets of $102.3 million and total deposits of $96.6 million, the FDIC said. In addition to assuming all of the deposits of the two Georgia banks, Georgia Commerce Bank agreed to purchase essentially all of their assets.

Customers with questions about Friday's transaction should call the FDIC toll-free:

• Patriot Bank of Georgia customers, 1-800-323-6111
• CreekSide Bank customers, 1-800-238-8209.

The phone numbers will be operationalb eginning Tuesday, Sept. 6 and thereafter from 8 a.m. to 8 p.m. (all times EDT).