Peachtree to merge with Ga. affiliates

Published 8:22 pm Wednesday, January 20, 2010

Harvey N. Clapp, president of Peachtree Bank, has announced that Peachtree Bank and its affiliates, Bank of Upson in Thomaston, Ga., Bank of Chickamauga in Chickamauga, Ga. and First National Bank of Polk County in Cedartown, Ga. will make application with the F.D.I.C. and the Georgia Department of Banking and Finance to restructure the company by combining the four bank charters into one single charter.

“Once approved, the consolidation of bank charters will streamline our operations and simplify our regulatory burden by reducing the number of regulatory agencies to whom we report,” said Clapp.

Local management and boards will remain unchanged and ownership will not be affected by this change.

“We will continue to operator under the name Peachtree Bank, a division of SouthCrest Bank,” said Clapp, “and our local customers should not see any change in the way they contact or transact business with local bank personnel.”

Peachtree Bank has been a member of the SouthCrest Financial Group family of banks since 2006.

The bank, located in Maplesville and Clanton, celebrated its 90th anniversary last September.