Georgia Central Bank acquired by Pinnacle Financial Cooperation
Transition to be complete by mid-August
ELBERTON — Pinnacle Bank has announced the acquisition of the Social Circle-based Georgia Central Bank in a stock and cash purchase. Originally founded as the Social Circle Bank, GCB has branch locations in Monroe and Covington, which will, along with the Main Office in Social Circle, become Pinnacle Bank offices on August 1.
Founded in 1934, Pinnacle Bank is recognized as one of the strongest and most progressive banks in the Northeast Georgia area. Their Main Office and Operations Center is located in Elberton with branches in Elberton, Royston, Bowman, Franklin Springs, Lavonia, Lexington and Hartwell.
New branches are planned to open in Athens in late 2008 and in Newton County, near the Georgia Perimeter College campus, in early 2009. The acquisition of GCB will allow Pinnacle Bank to establish a presence in new markets, as well as give customers banking access in additional locations.
Like GCB, Pinnacle Bank identifies itself as a community bank, committed to the principles of independent banking, according to Jackson McConnell, president and chief executive officer at Pinnacle Bank. “Pinnacle has long been focused on the needs of local families and businesses in the communities we serve,” McConnell said. “Much like Georgia Central Bank, we have done so by providing a full array of accounts, loans and other financial services, but in doing so it’s how we deliver these solutions which sets us apart. Personal service and a tailored approach mark our brand of banking.”
“When two banks share philosophies and core values as similar as we do, it makes a transition like this one all the more easy and beneficial for both parties involved,” agreed Roy J. “Rip” Malcom, president and CEO of Georgia Central Bank. “I see this as a positive step forward for the legacy of Georgia Central Bank. We are excited to join the Pinnacle Bank family.” Malcom will become senior vice president of Pinnacle Bank on Aug. 1.
As the transition goes into effect, current GCB customers can expect few changes in their banking experience, aside from new conveniences and features that Pinnacle Bank hopes will encourage bank loyalty, such as additional banking locations, their “Totally Free Checking” program and the lifting of sur-charges for foreign ATM usage. In the future, Pinnacle anticipates the addition of such amenities as additional deposit products, larger lending limits and improved technology.
“We are excited about this new phase in the growth of our company,” said McConnell. “I am confident that this transition will bring about a stronger financial institution where current GCB customers will enjoy a better banking experience. Any changes they will experience will be for the better, and I am pleased to welcome each one as a Pinnacle Bank customer.”
Consumer confidence drops in August
NEW YORK (AP) — Consumer confidence weakened in August as volatile financial markets and housing problems took a toll, a private research group said Tuesday.
The New York-based Conference Board said that its Consumer Confidence Index, declined to 105.0, from a revised reading of 111.9 in July.
Although the index was down, it was slightly stronger than the 104.5 that Wall Street analysts expected.
“A softening in business conditions and labor market conditions has curbed consumers’ confidence this month,” said Lynn Franco, director of The Conference Board Consumer Research Center. “In addition, the volatility in financial markets and continued subprime housing woes may have played a role in dampening consumers’ spirits.”
July’s reading was revised from an earlier level 112.6, which the Conference Board said was the highest in six years.