It’s Bank of the Ozarks now
Published 6:00 pm Tuesday, May 3, 2011
The new signs are up and telephone calls to the former Park Avenue Bank now proclaim the new owner as Bank of the Ozarks, which last Friday acquired the banking operations, including all deposits, of two Georgia-based banks.
First Choice Community Bank of Dallas, Ga., and The Park Avenue Bank of Valdosta were closed Friday by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver.
All 19 branches of the two closed banks reopened during normal business hours beginning Saturday as Bank of the Ozarks, with corporate headquarters in Little Rock, Ark.
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Deposits continue to be insured by the FDIC. Customers should continue to use their former branches until they receive notice that systems changes allow other branches of Bank of the Ozarks to process their accounts.
Over the weekend depositors could access their money by writing checks or using ATM or debit cards, just as before. Checks drawn on the bank will continue to be processed and loan customers should continue to make their payments as usual.
According to an April 29 news release from Bank of the Ozarks, First Choice Community Bank had total assets of $308.5 million and total deposits of $310.0 million, as of Dec. 31, 2010.
The Park Avenue Bank had total assets of $953.3 million and total deposits of $827.7 million on the same date. Besides assuming all the deposits from the two Georgia banks, Bank of the Ozarks will purchase essentially all of the assets of the two failed banks.
These closings are the 37th and 38th FDIC-insured institutions to fail in the nation so far this year, and the ninth and tenth in Georgia. Prior to these closings, the last bank closed in Georgia was New Horizons Bank in East Ellijay on April 15, 2011.
Local bank manager and President, Frank Posey summed it up on Monday. When asked for a comment he replied, “We are all here and we are the Bank of the Ozarks now.”