Department of Banking and Finance Takes Possession of Community Bank & Trust – West Georgia, LaGrange, Georgia

Atlanta, Georgia - The Department of Banking and Finance (“Department”) took possession of Community Bank & Trust – West Georgia (“Community Bank & Trust”) on May 1, 2026.  The Superior Court of Troup County issued an Order appointing the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Community Bank & Trust.

The Department took possession of Community Bank & Trust pursuant to the Official Code of Georgia, Section 7-1-150(a) which authorizes the Department in its discretion to take possession of the business and property of any state-chartered financial institution whenever such financial institution either (1) is insolvent or operating in an unsafe or unsound condition to transact its business; (2) is operating in violation of any court order, statute, rule or regulation; or (3) requests the Department to take possession of its business and property. 

Through an agreement with the FDIC, certain assets and insured deposits of Community Bank & Trust will be acquired by Anchor Bank, Palm Beach Gardens, Florida (“Anchor Bank”). 

Insured deposit accounts of Community Bank & Trust have been transferred to Anchor Bank and will be available immediately.  Depositors will be able to access their accounts at the former main office and branch locations of Community Bank & Trust during regular business hours.  Customers of both banks should continue to use their existing branches until Anchor Bank can fully integrate the deposit records of Community Bank & Trust.  Additionally, the former depositors of Community Bank & Trust can continue to access their accounts through automated teller machine transactions, checks and debit transactions. 

Former depositors of Community Bank & Trust that have deposits exceeding the FDIC Deposit Insurance amounts will receive mailed notices from the FDIC informing them of their rights as uninsured depositors. 

The Department’s Commissioner, Oscar B. Fears, III, reminds depositors that deposits of all Georgia banks are insured by the FDIC up to $250,000.  Special rules are in place for accounts held in trust status and joint accounts that may further expand deposit insurance coverage. Additional information on FDIC Deposit Insurance may be found at www.fdic.gov/deposit/.

The FDIC has established a website and a toll-free phone number to answer questions from depositors, creditors and other interested parties regarding the receivership of Community Bank & Trust.  Please refer to the FDIC’s website for further information regarding the details of the transaction.  The website is http://www.fdic.gov/bank/individual/failed/banklist.html and the toll-free phone number Is 1-866-314-1744.  The phone number is operational this evening until 9 p.m. Eastern Time, on Saturday from 9 a.m. until 6 p.m., on Sunday from noon to 4 p.m., on Monday from 9 a.m. to 5 p.m.; and thereafter from 9:00 a.m. to 5:00 p.m.