On Friday, October 22, 2010 United Bank announced it entered into a purchase and assumption agreement with the FDIC to assume all deposits and approximately $131 million in assets of First National Bank based in Barnesville, Georgia. United Bank purchased both insured and uninsured deposits and therefore all First National Bank depositor accounts will be honored in full. All former First National Bank locations will open as normal on Saturday, October 23 at their regular times and customers will be able to conduct business as usual. At the time of the transaction, First National Bank had approximately $127 million in deposits and operated two banking locations in Barnesville and Zebulon, Georgia. First National is the third financial institution United Bank has assumed from the FDIC in the last two years, following their purchase of First Georgia Community Bank in Jackson in 2008 and First Coweta Bank in Newnan in 2009. United Bank traces its roots back over 100 years to its founding as The Bank of Zebulon in 1905. The Bank was one of the first financial institutions in the country to receive deposit insurance from the FDIC in 1935. In 1972, the current United Bank office in Barnesville was chartered and established itself as an integral part of the Barnesville-Lamar County community. Nearly 90% of the Company is owned by its employees, directors and their families. Doug Tuttle, United Bank’s Chief Operating Officer, commented on the acquisition. ‘I have lifelong friendships with many of First National’s directors, officers and staff and the past week has been the most emotional and difficult in my 35 year banking career. First National is an outstanding financial institution with an experienced staff, long standing customer relationships and a strong community reputation. In the final analysis, we felt that this was the only decision that we could make under these unfortunate circumstances. We will make the transition as easy and seamless as possible.’
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