Business & Tech

Pair of Georgia-based Banks Seized by Regulators

The Arkansas-based Bank of the Ozarks then acquired Park Avenue Bank, which had a branch in Oconee County, and First Choice Community Bank.

Oconee County witnessed another bank failure last week, when the Park Avenue Bank branch on Epps Bridge Parkway closed its doors on Friday and reopened as Bank of the Ozarks on Saturday. 

The bank, based in Valdosta, was one of two in the latest string of failed Georgia banks, according to a news release issued by the Federal Deposit Insurance Corporation.  The other was the Dallas, Georgia-based First Choice Community Bank. Together the banks had 19 branches, one of which was in Florida.

Business was to be conducted as usual on Saturday for depositors.

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"Customers of the two failed banks should continue to use their former branches until they receive notice from Bank of the Ozarks that it has completed systems changes to allow other branches of Bank of the Ozarks to process their accounts as well," the news release stated.

The closings marked 10 FDIC-insured institutions to fail in Georgia this year.  A total of 38 have closed in the nation.

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In February, North Georgia Bank in Watkinsville.  It was '' when it reopened as BankSouth.


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