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Hamilton State acquires Bartow bank

FDIC transfers assets of failed business to Braselton-based bank

POSTED: April 15, 2011 11:36 p.m.

A Braselton-based bank acquired the deposits and some assets and liabilities of Bartow County Bank, which state regulators closed Friday.

The four branches in Cobb and Bartow counties will reopen during normal business hours beginning today as Hamilton State Bank, said Eric Raines, FDIC senior ombudsman specialist.

"Over the weekend, the FDIC as receiver will be transitioning to the assuming institution. We will be reconciling accounts, balancing and doing inventories," Raines said. "The depositers and customers can continue to do business as they have in the past."

The Georgia Department of Banking and Finance closed Bartow County Bank, based in Cartersville, and appointed the FDIC as receiver to protect the depositers, according to press releases describing the changes.

Raines said the FDIC then entered into a purchase and assumption agreement with Hamilton State Bank.

As of Dec. 31, Bartow County Bank had total assets of approximately $330 million and total deposits of approximately $304 million.

"As a growing community bank with branches in six Northeast Georgia towns, we look forward to this opportunity to broaden our bank's market and serve new communities in Georgia," said Hamilton State Bank Chairman and CEO Robert Oliver.

"We welcome our new customers. ... Our goal is to have all Hamilton State Bank offices operating on the same system in the months to come in order to provide streamlined, consistent service to all our customers."

The news comes just one day after Hamilton State Bancshares Inc. announced it had become the third Georgia bank to repay federal bailout money.

Customers who have questions can call the FDIC at 1-800-930-6827.

 



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