The FDIC's portfolio of former bank properties in Georgia dropped by one Thursday with announcement by $175 million MidSouth Community Federal Credit Union that it has purchased a vacant facility in north Macon to open as a new credit union branch June 1.
The price paid for the new Bass Road facility was not disclosed but credit union officials said the buyout fits well into MidSouth's long-term expansion plans. MidSouth will now have seven facilities in central Georgia.
Credit unions, such as Pacific Crest FCU, have been snatching up former bank branches or buying banks outright, as GFA FCU is attempting with Monadnock Community Bank.
Two years ago MidSouth bought two other bank branches in the Milledgeville area from the FDIC. Those purchases also stemmed from the string of failures of community banks gripping the state during the recession. At one point, Georgia was known as the nation's “capital of bank failures,” a trend that has since ebbed.
The Bass Road branch, vacant for at least nine months, was last owned by State Bank & Trust of Macon. The bank branch was part of a merger deal with State Bank, which maintained its existing presence in the same area, said DeAnn Dent, vice president of credit union development at MidSouth.
“We've discovered how important it is to watch the FDIC's online list of foreclosed properties for sale,” said Dent. “We've come even to do this on a daily basis.”
She said the actual ending of bank services in some areas as a result of bank failures “is unfortunate and a sad development” but is one by which credit unions like hers are able to take advantage.
President/CEO of MidSouth Claude Garrett said in a press release that the addition of the Bass Road property “will fulfill an objective in MidSouth's long-range facility master plan, which places priority on offering the current membership a convenient location in the north Macon area.”
MidSouth Board Chairman Harry Trawick said also, “We think our membership will be pleasantly surprised with the interior of the new branch– an experience just to walk in and see the place.” The official ribbon cutting will take place June 13.
Also in central Georgia, the $1.7 billion Robins FCU of Warner Robins confirmed it had purchased a bank facility in Forsyth for a branch.
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