Georgia Commerce Bank Celebrates a Year of Expansion and Growth
2011 was a year of significant growth for Georgia Commerce Bank. We celebrated the opening of our new 5,000-square-foot facility in the heart of Atlanta’s Buckhead neighborhood, as well as the acquisition of two new banks from the FDIC: Patriot Bank of Georgia and CreekSide Bank. This acquisition gives us new locations in Acworth, Cumming and Woodstock. We continue to hire new employees at the branches to support our steady growth and commitment to excellence in customer service.
Out of the top 25 community banks ranked in the state by the Atlanta Business Chronicle, Georgia Commerce Bank had the fourth-highest percentage increase in deposits in 2011.
We would like to thank our clients and staff for making 2011 such a remarkable year. We are honored to be your community bank and look forward to continued success with our customers in 2012.
Georgia Commerce Bank is Growing
Georgia Commerce Bank acquires two banks, expands to three new locations
Last fall, Georgia Commerce Bank acquired the banking operations of two metro area banks through a Purchase and Assumptions Agreement with the FDIC. Georgia Commerce Bank acquired CreekSide Bank and Patriot Bank of Georgia, giving the bank three new locations in Acworth, Cherokee and Cumming. With the opening of its Buckhead branch in early 2011, the bank now has six locations in metro Atlanta.
With this expansion, the bank welcomes an experienced team of banking professionals:
Heather Wade has been the branch manager of the Acworth office since 2008. Heather oversees all day-to-day operations of the Acworth facility, including meeting with current and potential customers, opening accounts, overseeing tellers and working with the Acworth community to meet its commercial banking needs.
Carrie Garmon is the branch manager of the Cumming office, bringing with her more than 23 years of banking experience. The Cumming branch currently has a mortgage originator and three loan officers on staff, and continues to grow to meet the community’s needs, particularly with the expansion of medical offices in the area and the nearby Northside Hospital-Forsyth.
Carin Hopton is the Woodstock branch manager. She has been with the branch since 2007 and has 21 years of banking experience. In addition to overseeing daily operations, Carin partners with lending officers to meet customer loan needs and secures new business opportunities.
Year End 2011 Financials
As of December 31, 2011
Georgia Commerce Bank is pleased to announce that 2011 was a high water mark for our company from both an earnings and growth perspective. Net income after tax of $3.8 million and total assets of $628 million increased 79% and 59% respectively from 2010 year-end results.
Our capital ratios continue to exceed regulatory guidelines for “well capitalized banks” and our strong liquidity position is a direct result of the significant growth we have experienced in low cost core deposits. With loans at an all time high of $421 million at year end, along with an overall cost of funds of 1.04%, we generated a net interest margin of 4.74%, which ranks Georgia Commerce near the top of all banks in the Atlanta metropolitan market.
In addition, asset quality issues continue to be moderate despite the extremely challenging economic environment in the southeast and Atlanta in particular.
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Download 2011 Year End Financial Report [PDF]
Customer Profile: Remington Medical, Inc.
“As an international manufacturer of Remington-branded and OEM medical products, we need a bank who delivers on service. We began our company in 1997 with just eight employees specializing in molded plastic parts, needles and cables. Today, we have 212 employees and more than 2,000 customers. Georgia Commerce Bank truly understands our business and responds to our evolving needs quickly, allowing us to keep growing. When you are competing on a global scale, you need a bank that can support your business. We have found that partnership with Georgia Commerce Bank.”
— Fred L. Aycock, CEO, Remington Medical, Inc.
For more information, visit remmed.com.
One Comment
Congratulations to Mark, Rodney and the entire Georgia Commerce Bank team on an outstanding 2011. The solid foundation of the bank shows that by focusing on the fundamentals of the banking business through strong due diligence on loan reviews, maintaining a competitive yet low cost of funds and building an excellent staff of professional bankers good things can happen in tough times. It will be fun to watch the bank grow as the economy actually grows. What a concept!!! Kudos to each of you.