Story Published:
Mar 23, 2009 at 8:27 AM EST
Story Updated:
Mar 23, 2009 at 4:58 PM EST
GIBSON, Ga. - After 100 years in Georgia, FirstCity Bank doesn't exist anymore.
The bank was seized by the FDIC, Friday.
Hundreds of former customers packed into the Glascock County High School gym to find out what’s happened to the $278 million total they had in the bank.
Many customers didn’t know the bank had closed until their checks bounced and the debit cards were declined.
"A bank like this closing in a small community where people really depend on it; it's kind of scary to realize the economy is coming to this,” said former customer, Brenda Koch.
Shelli Kitchchens is a widow and a mother of two young children. She got word a little while back that she might want to keep her money elsewhere.
"I went in a month ago and asked about the bank being in trouble and they assured me that everything was fine, that there was no need to move any money, that the bank was stable," said Kitchens.
The FDIC says the bank knew for sometime that they were in trouble with growing debts.
"FirstCity Bank was put on our probate list February 28. So at least as far bank as February 28," said FDIC Associate Ombudsman, Rickey McCullough.
The FDIC will send out checks to fully reimburse every customer’s account in the coming days, but many say they would've appreciated a heads up before being locked out of all their money.
"These people have lied to them and now they have no way of getting their money until they send the check,” said Kitchens. “Where are their kids gonna eat for this week?"
While most citizens are still shocked they've lost the only bank in town, some county officials see a chance to bring in new work and businesses.
"I've already been contacted by three banks in the area that are interested in opening up a branch in Glascock County," said Ant Griswell, Chairman for the Board of Commissioners for Glascock County.
The FDIC will be at the bank Branch all week long to answer any questions customers might have.
Anyone trying to find out more information on the closing of First City Bank can call the FDIC Call Center at: 1-877-367-2719.
User Agreement