First State Bank Assumes Deposits of Valdosta Branch of Sunrise Bank
Monday, May 13th, 2013
Synovus Bank, a Georgia‐chartered, FDIC insured bank, announced today that it has assumed from the Federal Deposit Insurance Corporation (FDIC) approximately $54 million in total deposits, including all uninsured deposits, of Sunrise Bank, an affiliate of Capitol Bancorp Limited. Sunrise Bank has offices in Valdosta, Atlanta, and Jeffersonville, Georgia.
All three branches of Sunrise Bank will reopen today, as temporary branches of the Synovus Bank divisions in the following markets: Atlanta (Bank of North Georgia), Jeffersonville (CB&T of Middle Georgia), and Valdosta (First State Bank and Trust Company). These locations will continue to serve the needs of existing Sunrise customers only until accounts are converted to Synovus Bank systems. At that time, customers will be able to bank with any of Synovus’ existing, locally‐branded bank locations in their markets.
Beginning today, depositors of Sunrise Bank will automatically become depositors of Synovus Bank. Deposits will continue to be insured by the FDIC up to applicable limits, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of Sunrise Bank should continue to use their existing branches until further notice.
“We are confident in our ability to meet the needs of our newest customers by providing continued local service through our existing branches within or near their current markets, combined with our exceptional banking and investment products and services,” said Kessel D. Stelling, Synovus Chairman and CEO. “We welcome Sunrise customers and want them to know we stand ready to help them through this transition.”
Over the weekend, depositors of Sunrise Bank can access their money by writing checks or using ATMs or debit cards. Checks drawn on the bank will continue to be processed, and loan customers should make payments as usual.
First State Bank and Trust is a division of Synovus Bank which operates four branches in Lowndes County, and as it has for 106 years, remains dedicated to the local community. This division offers diverse lines of business and personal financial services including Business Banking, Investment Services, and Mortgage Lending. For more information, visit www.fsbtc.com.