This bank also offers a reward checking account with a yield of 5.01% APY for balances up to $25K as of 2/3/2009 (see post). Note, when you select the "apply now" button for the checking account, it states that your first account with Peoples Bank must be applied for in person at one of the bank's offices.
Branches are located in the Georgia cities of Lithonia, Covington and Conyers which are just east of Atlanta.
The bank's ratings for safety and soundness are weak: 0 star (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. These ratings are based on 9/30/08 financial data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been FDIC insured since 1934 (FDIC Certificate # 173).