Coweta investors got a late Christmas present this year when the Federal Deposit Insurance Corporation approved the Newnan Coweta Bank's application.

The approval was the final step before the bank could issue an initial stock offering.

Newnan Coweta Bank officers and directors have fielded hundreds of calls and requests for a prospectus since an announcement of the organization earlier this year.

“I've never seen this type of excitement about the formation of a new bank,” said Bucky Kimsey, president and CEO of the bank.

“Of course all of our directors are well-known in this community, so there's a great deal of confidence in the venture. Since there aren't any more locally owned and operated banks in Newnan, the interest level in the general public should be high.”

Kimsey explained that shares of stock will be sold exclusively to Newnan and Coweta County residents since local management and ownership are top priorities of the bank's directors.

He projects the bank will raise $8-9 million and shares will be $10 each, with a minimum purchase of 100 shares.

“We've purposely priced the stock at a level that will encourage everyone, at all levels of income, to participate in the offering,” said board member Jim Mottola.

With an emphasis on community service and local management, Newnan Coweta Bank will offer traditional banking services such as checking and savings accounts and credit cards and debit cards.

Additionally, home mortgage loans and commercial loans will be available. Telephone banking and a number of other conveniences will be added as organizers plan the announcement of some non-traditional services.

Bank officers will soon set up shop in a temporary office on the site of the bank's headquarters, on the Ga. Highway 34 by-pass within the planned development of The Villages at Calumet.

For information, phone Kimsey at 770-683-6222.

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