First Cherokee State Bank Closes

 customers, who learned today that their bank was sold to another financial institution, will be able to write checks, use ATM cards and swipe debit cards to access their money, an official with the Federal Deposit Insurance Corp. said.

The bank's , and branches will reopen during regular business hours as , which bought $193.3 million worth of First Cherokee's deposits and most of its $222.7 million in assets.

"Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits," said LaJuan Williams-Young, a representative with the FDIC. "Customers of First Cherokee State Bank should continue to use their existing branch until they receive notice from Community & Southern Bank that it has completed systems changes to allow other Community & Southern Bank branches to process their accounts as well." 

Checks will be processed as usual, and loan customers should continue to make regularly scheduled payments.

The sell "is expected to minimize disruptions for loan customers," Williams-Young said.

First Cherokee, the eighth bank failure in Georgia this year, was one of two financial institutions in the state to close today. Georgia Trust Bank of Buford was the other.

Customers who have questions about First Cherokee's closure can call the FDIC's toll-free number at 800-640-2751 from 9 a.m. to 6 p.m. Saturday, noon to 6 p.m. Sunday, 8 a.m. to 8 p.m. Monday and 9 a.m. to 5 p.m. on subsequent days.

FAST FACTS

• To read the full press release, click here.
• For an FAQ, click here.

Don’t miss any of the local news you care about. Subscribe to Canton-Sixes Patch’s free newsletter, like us on Facebook and follow us on Twitter.