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Bank of Essex takes over The Community Bank

LOGANVILLE - The Community Bank in Loganville was closed Friday by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation was named the receiver.

The Bank of Essex in Tappahannock, Va., will assume all of the bank's deposits in order to protect depositors. Deposits will continue to be insured by the FDIC.

Community Bank's four branches will open Monday as Bank of Essex. According to a news release, business should carry on as usual over the weekend. Customers will still be able to access their funds by ATM, through debit card purchases and by writing checks.

As of Oct. 17, reports said, The Community Bank had total assets of $681 million and total deposits of $611.4 million. Bank of Essex purchased about $84.4 million of The Community Bank's assets and paid the FDIC a premium of $3.2 million for the right to assume The Community Bank's failed deposits. The remaining assets will be retained by the FDIC for later disposition.

Customers with questions can call the FDIC toll-free at 800-930-1904 until 9 p.m. today, until 6 p.m. Sunday and between 8 a.m. and 8 p.m. Monday and thereafter. They are also encouraged to visit the FDICs Web site at www.fdic.gov/bank/individual/failed/community.html.