North Georgia bank seized by government regulators

By: AP
By: AP

Friday February 18, 2011

GAINESVILLE, Ga. (AP) -- Officials say one of northeast Georgia's
oldest financial institutions -- Habersham Bank -- has been seized by
government regulators.

The bank, which was founded in 1904, operates eight branches
including one in Clarkesville, one in Flowery Branch, one in
Cleveland and one in Cornelia.

Assets from the failed bank were taken over at the close of
business Friday by the South Carolina-based SCBT National
Association.

A statement from the FDIC says that Habersham Bank branches will
reopen during their normal business hours beginning Saturday as
branches of Habersham Bank, a division of SCBT.

The statement says depositors at Habersham Bank will
automatically become depositors of SCBT. It also says that all
deposits are secure and insured by the FDIC.


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