Hamilton purchased assets, deposits and other liabilities of Douglas County Bank from the Federal Deposit Insurance Corp. (FDIC). The acquisition was completed pursuant to a purchase and assumption agreement Friday following approvals by the Georgia Department of Banking and Finance and the FDIC.
According to a press release from Hamilton State Bank, all locations of Douglas County Bank opened with normal business hours Saturday under its new name.
Douglas County Bank customers will see no changes to normal banking operations and will have access to all of their accounts, the release stated. Hamilton officials stated they were "pleased with the quality staff members in these branches" but did not say if staffing changes were planned.
"We welcome our newest customers in Douglas and Paulding counties and we want to assure them that they will be served by the same friendly professionals at each of the Douglas County Bank branches in the days to come," said Hamilton State Bank Chairman and CEO Robert Oliver. "Our goal is to have all Hamilton State Bank offices operating on the same system in the months to come in order to provide streamlined, consistent service to all our customers."
All outstanding Douglas County Bank checks will be processed, and customers may continue to write Douglas County Bank checks and use their ATM and debit cards, the release stated.
Douglas County Bank, founded in 1974, operated three locations in Douglas County: Stewart Parkway and Fairburn Road in Douglasville; and Skyview Drive in Lithia Springs; and one location in Paulding County on Hardee Street in Dallas. All opened Saturday under the Hamilton State Bank name.
New and existing customers will receive additional information in the mail from Hamilton State Bank in the near future, the release stated.
As of Dec. 31, 2012, Douglas County Bank had approximately $316.5 million in total assets and $314.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Hamilton State Bank agreed to purchase approximately $260.9 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition, a release from the FDIC stated.
Hoschton-based Hamilton State Bank is a wholly owned subsidiary of Hamilton State Bancshares, Inc.
In 2011, Hamilton State Bancshares Inc. completed a private offering of its securities that resulted in proceeds of approximately $231.6 million making Hamilton State Bancshares Inc. and Hamilton State Bank among the highest capitalized banking companies in the state of Georgia.
Hamilton will now operate offices in Barrow, Bartow, Butts, Cobb, Hall, Henry, Forsyth, Jasper, Jackson and now Douglas and Paulding counties in Georgia. With the acquisition, Hamilton State Bank now has 24 branches and approximately $1.7 billion in total assets, $1.4 billion in deposits, and $219 million in total capital. Hamilton State Bancshares Inc., the parent of Hamilton State Bank, has approximately $276 million in total capital.
According to its website, Hamilton State Bank was founded in 2004 in Gainesville and Braselton. The bank expanded in 2006 with the acquisition of offices in Jefferson, Hoschton and Hamilton Mill. The bank also opened its permanent main office facility on Hwy. 211 in Braselton in 2006. In 2008, the bank opened a new facility in Oakwood and acquired Jefferson State Bank in Cumming.
In 2011 the bank acquired Bartow County Bank with branches in Cartersville and Acworth. In the same year the bank acquired McIntosh State Bank in McDonough, Locust Grove, Jackson and Monticello. In early 2012 the bank acquired The First State Bank with branches in Stockbridge, Ellenwood, Locust Grove and McDonough.