CORNELIA, Ga., Feb. 18, 2011 /PRNewswire/ -- Habersham Bancorp
(OTC Bulletin Board: HABC) 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 FDIC's 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 Bank's assets. Despite our best
efforts, the continuing depressed market conditions prevented us
from completing these transactions."
SOURCE Habersham Bancorp