PRINT
E-MAIL STORY
NEWSLETTER SIGN UPlpanter@barrowcountynews.com
The Peoples Bank is holding its own throughout Barrow County.
The FDIC recently released its Deposit Market Share Report, showing what percentage of the market that Barrow banks hold in the community.
The Peoples Bank ranked number one, with seven offices inside the county, and deposits coming in at $389,953,000 — which amounts to 43.93 percent of the market.
"On Oct. 29, we celebrated 83 years in business, and since 1996 we have been the market share leader in Barrow County," said Chris Maddox, CEO and President of The Peoples Bank.
"For the second year in a row, we have been named as one of the top 10 best companies to work for in the state of Georgia by the Atlanta Business Chronicle and Georgia Trend magazine," said Maddox. "As a third-generation business owner, I think the continuity of leadership, the commitment of our employees, and the ‘Doing More’ philosophy of our bank have been the biggest keys to our success."
In the report, which represents the market as of June 30, First Piedmont Bank, with one branch in the county, came in second, with $101,651,000 in deposits and 11.45 percent of the market.
However, since the report, the Georgia Department of Banking and Finance took possession of First Piedmont after Barrow County Superior Court issued an order appointing the Federal Deposit Insurance Corporation (FDIC) as receiver of the bank.
First American Bank and Trust Company in Athens agreed to purchase approximately $111 million of assets of the failed bank with the FDIC retaining remaining assets for later disposition.
As of July 6, First Piedmont Bank had total assets of $115 million and total deposits of approximately $109 million, according to the FDIC. First American Bank and Trust Company paid a deposit premium of 1.01 percent. In addition to assuming all of the deposits of the failed bank, First American Bank and Trust Company agreed to purchase approximately $111 million of assets. All deposit accounts of First Piedmont Bank have been transferred to First American Bank and Trust Company and will be available immediately.
First American Bank and Trust Company has now fully integrate the deposit records of First Piedmont Bank into its operations and is becoming actively involved in the local community including the Barrow County Chamber of Commerce. First American is located at 65 E. May St., in Winder.
Community Bank & Trust, which has four branches in Barrow, came in third place, with 10.13 percent of the market share and $89,931,000 in deposits.
The Bank of America came in fourth, with a share of 8.24 percent of the market.
Hamilton State Bank, BB&T, Regions, Wachovia, Verity and SunTrust round out the banks on the FDIC’s list.
These figures are current as of June 30 and do not represent the totality of each corporation’s business. Banks in other counties and states do not reflect in the Barrow report.
Compared to last year, not much has changed.
The Peoples Bank held 43.85 percent of the 2008 market, with First Piedmont following at 12.39 percent. Community Bank & Trust came in third with 11.61 percent.
The only difference is that in 2008 Freedom Bank of Georgia held .62 percent of the market share, which was this year closed by regulators.
