Ge­or­gia Cen­tral Bank ac­quired by Pin­na­cle Fi­nan­cial Co­op­er­a­tion

Tran­si­tion to be com­plete by mid-Au­gust

The Covington News - - BUSINESS BRIEFS -

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.

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