Banks Files Application to Convert Office to a Full-Service Banking Center
ELLIJAY, Ga., July 25 /PRNewswire-FirstCall/ -- Appalachian Bancshares
Inc. (Nasdaq: APAB) today announced that its subsidiary Appalachian
Community Bank has opened a loan production office in Dawsonville, Ga., and
has filed applications with the Georgia Department of Banking and Finance
and the Federal Deposit Insurance Corporation to convert the office to a
full-service banking center within 30 days.
The new loan production office, located at 86 Highway 53 West, Suite
100, will offer a broad spectrum of commercial and consumer lending
products, including commercial real estate loans, construction loans,
permanent financing, and conventional and FHA mortgage loans. Appalachian
Community Bank's full-service banking offices in nearby Ellijay will meet
customers' other non-lending needs until full-service operations are
approved for Dawsonville.
Appalachian Community Bank has appointed Greg S. Gordon as regional
president in charge of its operations in Dawsonville. He is responsible for
overseeing all banking functions and working with the loan production team
to establish and build customer relationships in Dawson County.
Gordon has been a banker in Dawson County for more than 20 years. He
formerly was city president in Dawsonville for Regions Bank, and also has
served as an executive vice president at United Community Bank in Dawson
County and a vice president for Dawson County Bank. Joining Gordon is
Brenda Patterson, vice president, who also is a longtime banker in Dawson
County.
"Opening a loan production office in Dawsonville is a logical step in
our overall expansion strategy," said Tracy R. Newton, chief executive
officer. "Dawson County is adjacent to our existing markets in Ellijay,
Blue Ridge and Blairsville, and represents a fast-growing segment of North
Georgia. We are fortunate to have Greg Gordon leading our efforts there,
given his deep roots in the local community."
"I am excited to have the opportunity to continue to serve the people
of Dawson County with a true community-oriented bank that focuses on
serving customers," said Gordon. "Our mission is to bring back the
traditional community banking service that has been lost in Dawson County,
while actively supporting the surrounding communities."
About Appalachian Bancshares Inc.
Appalachian Bancshares Inc., based in Ellijay, Ga., is the holding
company of Appalachian Community Bank, a state-chartered bank organized
under the laws of the State of Georgia. Appalachian Community Bank also
operates under the trade name of Gilmer County Bank. Appalachian Bancshares
has assets of $617.4 million and through Appalachian Community Bank
provides a full range of community banking services to individuals, small
and medium-sized businesses, real estate developers, contractors and
farmers, through its North Georgia banking offices in Ellijay, East
Ellijay, Blue Ridge, Blairsville and Chatsworth. The bank also operates
loan production offices located in Dawsonville, Ga., Copperhill and
Ducktown Tenn., and Murphy, N.C., and plans to open a full-service location
in McCaysville, Ga. The common stock of Appalachian Bancshares is traded on
the Nasdaq National Market, under the symbol APAB. For more information,
please visit the Company's website at http://www.acbanks.net.
Certain statements in this news release contain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995, such as statements relating to future plans and expectations,
and are thus prospective. These forward-looking statements are subject to
risks and uncertainties, including, but not limited to, economic
conditions, competition, interest rate sensitivity and exposure to
regulatory and legislative changes, and other risks and uncertainties
described in the Company's filings with the Securities and Exchange
Commission. Although we believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions could
prove to be inaccurate. Therefore, we can give no assurance that the
results contemplated in the forward-looking statements will be realized.
The inclusion of this forward-looking information should not be construed
as a representation by the Company or any person that the future events,
plans, or expectations contemplated by the Company will be achieved. The
Company undertakes no obligation to update publicly or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise.
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