Newest
bank is making profits The Bank of Georgia
has achieved a very rare industry milestone. Due in
large part to the support of local business, The Bank of
Georgia achieved
an operating profit in just its second month of
operation. The Bank of
Georgia also met its first-year goals for asset growth
and depository
accounts in less than three months.
Since opening its doors on February 18th, The Bank of
Georgia has achieved
growth largely due to the support of small businesses and
it's
shareholders. Garnering over 600 depository accounts,
including savings,
checking and CD accounts, the bank has been operating in
the black on a
monthly basis since April. Total assets at The Bank of
Georgia exceeded 23
million in the middle of May, more than doubling the
initial capitol base
of 11 million.
The new bank's leadership includes a number of executives
who have been
prominent in the Southern Crescent banking industry for
more than a decade.
"Without the support and confidence of our long-term
customers and friends,
we never would have enjoyed such tremendous
opportunity," said Pat
Shepherd, CEO of The Bank of Georgia.
According to Julian Hester, President of the Community
Bankers Association,
it takes the average startup bank 12 to 15 months before
it operates
profitably.
"For The Bank of Georgia to reach this mark in a
fraction of that time is a
testament to its hard work, quality leadership, and
community support,"
said Hester.
The Bank of Georgia is located on GA Highway 54, just
east of Peachtree
City next to Miles Ace Hardware. For more information,
call 770-631-1114.
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