Gilmer County and Appalachian Bank

Gilmer County and Appalachian Bank

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Ellijay Buckmaster

Ellijay, GA

#1 Aug 3, 2009
For those that Use Gilmer County or Appalchain bank thier stock has dropped to 86 cents per share today. Not looking good at all!!! For those with significant amounts of dollars in this institution might want to check this out before they are completely done with.
From Ellijay

Ellijay, GA

#2 Aug 3, 2009
How long does it take for a bank to close it's doors? GCB has been hanging in there for what seems like forever. How low does the stock have to drop??
Georgia Gal

Ellijay, GA

#3 Aug 4, 2009
Buckmaster - Gilmer Bank is insured by the FDIC. That's why accounts are insured up to at least $250,000. I believe there are ways to have more insurance, so ask your bank.
From Ellijay - the FDIC is the group that would close the bank based on other factors. It wouldn't be because their stock is too low. It doesn't look like they are closing either.
interested

Blue Ridge, GA

#4 Aug 25, 2009
Once the FDIC is done shopping the bank's assets, the lender can be closed by the Office of Thrift Supervision, not the FDIC. The FDIC does not close banks. That's the biggest misconception.
Check out the SEC filing from yesterday--termination of board members pay. And SEC filing Form 10-Q, "We have concluded that there is substantial doubt about our ability to continue as a going concern"
Even though Colonial Bank failed last Friday, The CEO found out three months before, does Newton know??? comments
Gilmer Thunder

Ellijay, GA

#5 Aug 25, 2009
You bet Newton knows!!!!! its pretty obvious.
Screwed by the bank

AOL

#6 Aug 28, 2009
This bank is nothing but con artist and rip off artist Tracy Newton and Adam teaque and everyone else there are crooks. The FBI is investigating them and I hope they all go to prison. They are done I have had bank experts to all the calculations they are going under it just a matter of when hopefully by labor day. Look on bauerfinicial and see there star rating its a zero.
Hugh

Ellijay, GA

#7 Aug 29, 2009
For your sake you better be right. You just called two people by name crooks. I think that is slander or liable. Hope you have a good lawyer.
Screwed by the bank

AOL

#8 Aug 30, 2009
Nothing that everyone in town has'nt already said we will see who goes to jail
Spectator

Ellijay, GA

#9 Nov 11, 2009
I wonder why none of this has been in the newspaper? Or even on the new for that matter.
Curious George

Ellijay, GA

#11 Nov 12, 2009
This is on the web. Check it out!! There are a lot of this about Appalachian Bank. Wow this really hits home.
Appalachian Bancshares Inc., which last week voluntarily delisted from the from Nasdaq exchange after failing to comply with minimum market values, entered into a written agreement with Federal Reserve Bank of Atlanta and the banking Commissioner of the State of Georgia to maintain the financial soundness. The agreement calls for the holding company to retain capital, not issue dividends or debt, and come up with a capital raising plan within 60 days.

Appalachian Bancshares in Ellijay, GA, is the bank holding company for Appalachian Community Bank, Appalachian Community Bank FSB, and Appalachian Real Estate Holdings Inc. The bank holding company reported a net loss for the quarter ended June 30, of $30.9 million.

It has been operating under a cease and desist order the FDIC and the Georgia Department of Banking and Finance since April. Among other things, the order required it eliminate from its books by charge off or collection, all assets classified as "loss" and 50% of all assets classified as doubtful. As of August, the bank said it had eliminated about $13 million of such assets.

As of June 30, Appalachian Bancshares had $1.2 billion in assets,$21.2 million in commercial nonperforming loans on its books and held $6.7 million in foreclosed properties. Among its bank-owned assets is a closed Chevrolet car dealer lot at 2402 Hwy 76 in Chatsworth, GA, with an asking value of $3.2 million, and a 2,829-square-foot auto garage/lube center at 5 Whitlock Place SW in Marietta, GA, with an asking price of $579,000.
Fight for Survival

Blue Ridge, GA

#12 Nov 12, 2009
Article by Douglas Ott--"Today, another bank in Georgia fights for its survival. The bank is Appalachian Banchares based in Ellijay, Georgia. Tracy R. Newton, the Diredtor, President and Chief Executive Officer of Appalachian filed a 13D today with the SEC, stating that he now owns approximately 9.17% of shares outstanding.
Newton came by his extra shares after he and his bank "executed an agreement to issue 857,142 shares of the Company common stock in exchange for $428,571 aggregated principal amount of Appalachian Community Bank Fixed Rate Subordinated Notes, due Sept. 30, 2015." Through on the surface this is a very commendable action on the part of Newton, giving up his fixed rate notes in exchange for common equity, but I have a feeling that this action is not going to matter in the long run.
Taking a look at the loan protfolio (as reported 6/30/19) of Appalachian, we see construction and development loans make up 44.09% of the total, an amount that is six times the national average. And of course, the C&D portfolio looks extremely bad. Total delinquency is 12.99% versus a national average of 4.2% and the non-accrual rate is 20.6% versus a national average of 12.10%. Commercial real estate and commercial and industrial loans also make up an additional 24.65% of the total portfolio, and these loans are only slightly less worse than the C&D side.
Additionally, Appalachian has a Texas Ratio of 221.26 (a figure greater than 100 and its more likely the institution will be taken over), negative returns on equity and assets for the each of the past four quarters, and its Tier 1 and Total risk-based capital ratios are rather small at 5.21 and 7.26 respectively.
Again, it commendable the CEO is being so nice to his bank, and I hope everything works out, but the situation looks like a band-aid for a gunshot to the stomach.
scooby

Ellijay, GA

#13 Nov 13, 2009
The people on here defending those crooks will have to go and find themselves new heroes now!
Holding on

Jasper, GA

#14 Nov 21, 2009
It has come to an end for Appalachian Bank and we all know that there have been -at the least- unethical actions by those that ran the bank-I know several of them you may see at Church on Sunday let's hope they continue to attend and catch on why they are there- but let's remember that a lot of tellers, customer service, and some other employees were innocent folks and may be losing their jobs just before Christmas. The ones that are crooks know who they are-and will face the consequences- and it is sad they destroyed something that could have been good for everyone. I pray that God hand will be on them all.
honest

Ellijay, GA

#15 Nov 21, 2009
Hey Guys before you find them quilty let the investigation be completed. If buying and selling foreclosed property and making money is a crime go to the court house steps when it is auctioned off and see who buys. If it was against bank policy then the policy was not upheld and the CEO should be held accountable and should loose his job and benefits that would certainly be more punishment than going to jail for a few months. Its called white collar crime if they are found quilty of something. Lets wait and see most likely big fines in the works.

Since: Nov 09

Ellijay, GA

#16 Nov 21, 2009
http://www.ajc.com/business/appalachian-commu...


I guess the local newspaper has decided not to post this. But they sure will post the local arrest records even though they don't know who's guilty or not.
Comment

Blue Ridge, GA

#17 Nov 21, 2009
The SEC filing about this was filed yesterday with the news release, will hit Times Courier this next week.
gurl

Onalaska, WA

#18 Nov 21, 2009
Just thought this was interesting....found in the filing on the website. Notice the contact info
10. Notice. All notices and other communications required or permitted under this Agreement shall be in writing and, if mailed by
prepaid first-class mail or certified mail, return receipt requested, shall be deemed to have been received on the earlier of the date shown on the
receipt or three (3) business days after the postmarked date thereof. In addition, notices hereunder may be delivered by hand, facsimile
transmission or overnight courier, in which event the notice shall be deemed effective when delivered or transmitted. All notices and other
communications under this Agreement shall be given to the parties hereto at the following addresses:
If to the Bank:
Appalachian Community Bank
c/o Bank of Canton
P.O. Box 4166
Canton, Georgia 30114
Attn: Mr. Mark Nay
If to Consultant:
Comment

Blue Ridge, GA

#19 Nov 23, 2009
[check out SEC filing for today, this has been corrected.
Appalachian Community Bank
c/o Bank of Canton
P.O. Box 4166
Canton, Georgia 30114
Attn: Mr. Mark Nay
If to Consultant
Gilmer County resident

Ellijay, GA

#20 Nov 23, 2009
Spectator Sport wrote:
http://www.ajc.com/business/ap palachian-community-bank-in-20 2051.html
I guess the local newspaper has decided not to post this. But they sure will post the local arrest records even though they don't know who's guilty or not.
GCB has been BIG news for a year now. The Times Courier doesn't seem to be interested in local news. Wonder WHY?

Since: Nov 09

Ellijay, GA

#21 Nov 23, 2009
My guess is its the "good ol' boy" system. Everyone has a little dirt on each other so its best to keep it all hushed up. They are all so well connected and probably have enough money and assets put back that even after an investigation, they will stil be in better financial shape than most of gilmer county.

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