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8-K - FORM 8-K - HABERSHAM BANCORP | g26236e8vk.htm |
EX-99.2 - EX-99.2 - HABERSHAM BANCORP | g26236exv99w2.htm |
EXHIBIT 99.1
Habersham Bank Closed by Georgia Department of Banking and Finance
Released: 2/18/11 06:30 PM EDT
CORNELIA, GA (PR Newswire) 2/18/11 Habersham Bancorp (OTC BB: HABC.OB) announced that the
Georgia Department of Banking and Finance closed its subsidiary bank, Habersham Bank, and appointed
the Federal Deposit Insurance Corporation (FDIC) as receiver. Habersham Bancorp is no longer the
parent of Habersham Bank.
In a virtually simultaneous transaction, SCBT National Association acquired the operations and all
deposits and purchased essentially all assets of the Bank in a loss-share transaction facilitated
by the FDIC and will continue to operate the Bank, according to an FDIC news release. Customers
who have questions about the foregoing matters, or who would like more information about the
closure of the Bank, can visit the FDICs web site located at
http://www.fdic.gov/bank/individual/failed/habersham.html, or call the FDIC toll-free at
1-866-806-6128.
In a prepared statement, Habersham Bancorp said: While we ultimately were unable to save the Bank
in the face of unyielding market conditions, the Board of Directors worked tirelessly over the past
two years on behalf of the Company and its shareholders and attempted every reasonable solution.
In particular, over the last several months, the Board and management team had been working on an
offering of common stock to residents of the State of Georgia in an effort to recapitalize the
Bank. Our Board and management team also pursued other transactions, including mergers with other
institutions and sales of the Banks assets. Despite our best efforts, the continuing depressed
market conditions prevented us from completing these transactions.