annual report - Department of Banking and Finance

The Supervisory Division of the Department of Banking and Finance regulates
and examines banks, credit unions, and trust companies chartered by the State
of Georgia. The Department also has regulatory and/or licensing authority
over subsidiaries of state‐chartered banks, bank holding companies conducting
business in Georgia and international banking organizations. We share
regulatory responsibility for Georgia state‐chartered financial institutions with
our federal counterparts (FDIC, FRB, and NCUA). Major activities and
challenges during the year included:
• The Department took possession of five banks pursuant to the Official Code
of Georgia, Section 7‐1‐150(a) which authorizes the Department in its
discretion to take possession of the business and property of any state
chartered financial institution whenever such financial institution is either
insolvent or operating in an unsafe or unsound condition.
• The depositors of the five banks closed in 2008 were largely unaffected, as acquiring institutions
stepped forward to service those customers.
• During 2008, 115 safety and soundness examinations of banks and 51 safety and soundness
examinations of credit unions were performed by the Department.
• The results of the 2008 Annual Customer Satisfaction Survey continued to be positive, with the
Supervisory Division receiving a 94% rating for overall quality of services provided to regulated entities.
Summary of Application Activity:
SUPERVISORY DIVISION
SUMMARY OF ACTIVITIES FOR 2008
KEVIN HAGLER
Deputy Commissioner for
Supervision
♦ The Department approved five bank charter applications in 2008 and nine state‐chartered banks
opened in 2008.
♦ Financial institutions continued to take advantage of on‐line, expedited processing procedures for
corporate filings to establish branch offices, relocate branch offices, renew representative offices and
expand fields of membership.
2008 Annual Report Page 12