First Choice Community Bank Closes; Bank of the Ozarks Takes Accounts

Dallas-based First Choice Community Bank was officially closed Friday by the Georgia Department of Banking and Finance, while the Federal Deposit Insurance Corp. was named receiver. All of the bank’s deposit accounts, excluding certain brokered deposits, will be transferred to Bank of the Ozarks.

First Choice Community operated seven branches in the state, including its Dallas office on First National Drive. All seven locations will reopen today as branches of Bank of the Ozarks with depositors automatically becoming depositors of the Little Rock, AR-based bank. The Dallas branch’s drive-through will be open today from 8:30 a.m. until noon, with the lobby open from 9 to noon.

First Choice customers can read a welcome note and receive more information from Bank of the Ozarks at this link.

Though their bank is now under new ownership, former First Choice customers will still be able to use the same ATMs and online services. The bank’s regular business hours will be maintained, and customers will continue to have access to the services they could previously access, such as safe deposit boxes, night deposit boxes, wire services and more. Customers’ checks will be processed as usual, and direct deposits and automatic withdrawals will be transferred to the new bank.

Customers of First Choice should continue to use their former branches until they receive notice from Bank of the Ozarks that it has completed system changes to allow other branches of Bank of the Ozarks to process their accounts as well.

More information on the changeover can be found here.

Bank of the Ozarks also acquired on Friday the banking operations, including all the deposits, of The Park Avenue Bank in Valdosta.

The closings of First Choice Community and Park Avenue banks are the 37th and 38th FDIC-insured institutions to fail in the nation so far this year and the ninth and 10th in Georgia. Prior to the two, the last bank closed in the state was New Horizons Bank in East Ellijay on April 15.

Customers who have questions about the First Choice Community transaction can call the FDIC toll free at 800-894-7035 today from 9 a.m. to 6 p.m., Sunday from noon until 6 p.m., and thereafter from 8 a.m. to 8 p.m.