The continuing bank crisis hit close to home March 19 as federal officials seized the assets of Appalachian Community Bank of Ellijay, which has two locations in Dawsonville.
According to a news release from the Federal Deposit Insurance Corp., 10 branches of the bank, including both Dawsonville locations, were acquired by Community & Southern Bank of Carrollton.
Depositors of Appalachian Community Bank will automatically become depositors of Community & Southern Bank, according to the news release.
The failed bank has about $1.01 billion in total assets and $917.6 million in total deposits.
Community & Southern Bank agreed to assume all deposits and assets of Appalachian Community Bank.
A spokesman for Appalachian Community Bank declined comment, referring all questions to a representative of Community & Southern Bank.
That representative could not be reached for comment.
Appalachian Community Bank is the 34th FDIC-insured institution to fail in the nation in 2010 and the fourth in Georgia.
Linda Williams, president of the Dawson County Chamber of Commerce, said the situation with Appalachian is “an indication of what’s going on in the wider scope.”
She said the “good news” to come out of the situation is for local employees and customers “who will be OK under the new bank. I feel comforted by that.”