Georgia Commerce Bank Assumes the Deposits and Purchases substantially all the Assets of CreekSide Bank and Patriot Bank of Georgia

Atlanta, GA – September 2, 2011 – Georgia Commerce Bank announced today that it has entered into Purchase and Assumption Agreements with loss-share arrangements with the Federal Deposit Insurance Corporation (“FDIC”) to assume the deposits and certain assets of two Georgia banks, CreekSide Bank and Patriot Bank of Georgia.  CreekSide Bank is headquartered in Woodstock, Georgia in Cherokee County with a branch in Acworth, Georgia in Cobb County.  Patriot Bank is headquartered in Cumming, Georgia in Forsyth County.

“The acquisition of these two established community banks allows Georgia Commerce Bank to expand our branch network and better serve the communities in the northern metropolitan area of Atlanta,” said Mark Tipton, CEO of Georgia Commerce Bank.  “We welcome our new customers and assure them that they will continue to receive the highest level of customer service for their personal and commercial banking needs.”

All of the branches of CreekSide and Patriot Bank will reopen at their regularly scheduled time after the Labor Day holiday on Tuesday, September 6th as branches of Georgia Commerce Bank.  Customers will have access to their accounts as usual over the holiday weekend by writing checks, through on-line banking, and ATM’s and debit card transactions.  All depositors of both banks will automatically become depositors of Georgia Commerce and deposits will continue to be insured by the FDIC as before.  “We want to assure the customers of these banks that their deposits are safe, sound and readily accessible,” Tipton added.  “Georgia Commerce Bank is one of the strongest banks in Georgia, with a sound balance sheet and very strong capital ratios.” 

If customers should have any questions regarding their accounts or loans, please contact your branch directly at the same telephone number as before: Acworth (770) 975-4400, Cumming (770) 887-9220 and Woodstock (678) 388-5400 or visit www.gacommercebank.com.

About Georgia Commerce Bank

Georgia Commerce Bank opened in July of 2003 to offer a higher level of customer service for both personal and commercial banking clients.  In eight years, total assets have grown to over $600 million.  In addition to the new locations listed above, the bank has three other offices in the Atlanta area: 3625 Cumberland Boulevard (Atlanta headquarters,) 709 Canton Road, NE (Marietta) and 2970 Peachtree Road (Buckhead).  For more information about Georgia Commerce Bank, visit www.gacommercebank.com or call (678) 631-1240.

Contact:    Deborah Evans, SVP, Corporate Secretary
Phone:        678-641-0765
E-mail:        deborahevans@gacommercebank.com
Website:     www.gacommercebank.com
Date:           Friday, September 2, 2011

Tags: