Community banking

In Brief: Appalachian of Ga. Plans Out-of-State Thrift

Published April 28, 2006, 1:00 a.m. EDT

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Updated April 27, 2006, 4:35 p.m. EDT

1 Min Read

The 11-year-old Appalachian Bancshares Inc. in Ellijay, Ga., plans to expand out of state for the first time, into North Carolina and Tennessee.

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On Thursday the $593 million-asset commercial banking company said it had asked the Office of Thrift Supervision to charter Appalachian Community Bank FSB in Murphy, N.C. It would convert to thrift branches the two loan-production offices - there and in Ducktown, Tenn. - that earlier this month it said it would open in May.

The company also said Thursday that it plans to open a new branch of its flagship Appalachian Community Bank in East Ellijay this year. That branch would "provide customers with a homelike environment" and be the model for future branches, it said.

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