Georgia Banking Company is headquartered in Atlanta and is the 27th largest bank in the state of Georgia. It is also the 1,509th largest bank in the nation. It was established in 2001 and as of December of 2019, it had grown to 100 employees at 2 locations. Georgia Banking Company's money market rates are 70% higher than the national average, and it has a B+ health rating.
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Excellent Customer Service And Follow Up
After reading positive reviews, I decided to give Georgia Banking Company a try.
Online application does not allow wire funding. I chose deposit in person even though I am on the West Coast.
Wish online application asks for copy of driver license and proof of address up front to save time.
Called in and was given an individual's name and her direct line. She followed through every step of the way. Very impressed!
Definitely recommend Georgia Banking Company.
No Problems
After reading some of the reviews, it seems like some people just like to complain to complain. I’ve been with GBC for over 3 years now and haven’t had any issues. Great people and a great local bank. Sure their technology isn’t the greatest thing out there, but it gets the job done. That’s the trade off between banking with a large institution and a community bank. Keep up the great work team GBC.
Customer Service Is Amazing
I've been with GBC for about 2 years now and have had very few issues. The issues i have had have been resolved quickly both via chat and phone calls. They will also follow up after the initial conversation with updates and
A Slower Process
You can ACH your funds in, but you can't ACH them out...this has been noted in reviews on this site of other minor institutions.
Please note that these comments relate to my experience in opening an online CD with no other relationship with this bank. Many comments on this site mention very helpful customer service, so I called ahead to get answers to some common questions before starting an application. I learned two interesting things:
1) Fund from a maturing CD will not be returned by ACH. They will be sent by check (read delay in access to funds). I decided to put up with this, since market interest rates are falling and I wanted to get funds on deposit...I have exceeded the FDIC limits at the other higher rate-paying, sophisticated, banks.
2) There is no application impediment arising from having a freeze on one's credit reports, as I do, unless one is applying for a debit card.
Other than that, my phone call did not prepare me for the unconventional application process that GBC uses (compared with the several online CDs I have opened at other internet oriented banks). I will attempt to describe the process in case that is useful for other (out-of-state) internet CD customers.
First, I was impressed by the initial online application experience, as the software was sophisticated and operated smoothly. It included some authentication type questions, apparently drawn from my credit (or similar) records immediately available to them online during the application process. That ended with a message that I would be contacted in one or two days (it was 2) if further information was required. In fact they called me on the telephone (luckily I was home as I gave them my land line #). I was informed that I would be soon receiving an email requiring application information to be signed by some sort of electronic signature software they apparently have licensed and included additional questions apparently designed for a more generic banking application process, like asking what range of funds I anticipated wiring on a a weekly basis?? (where as the initial application seem properly designed for a CD customer). I got the impression that this step was routinely required, not an "additional" step arising from review of my application.
This phase ended with another indication that the information would be reviewed and I would be contacted. Again 2 business days later I received a phone call that my CD was approved and I could view it online in about an hour. I shortly received an email confirming this information.
I mention the phone calls because they seem like an unnecessary step, as I am use to going through the entire process (at other banks) using email.
Apparently, GBC does NOT use the test deposit routine that most institutions use, so that was not a delay from application to funding, but the two step application process, with delays in response at each step, resulted in what felt like a slow and unnecessarily slow process. I noticed that my bank (funding) account showed the amount of the CD was deducted on the morning of the day that I received the phone call that my CD application had been approved, so luckily I had already moved the necessary funds. The test deposit routine has the advantage of being able to control the funding timing. If the funds are not yet available in the designated funding account, you just delay reporting the test deposit amounts until the funds are available.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57071 |
| Year Established | 2001 |
| Employees | 100 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.53% |
| Return on Equity - YTD | 6.02% |
| Annual Interest Income | $23.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $474.8MM$350.1MM |
| Loans | Q4 2019vs Q4 2018 | $422.7MM$272.1MM |
| Deposits | Q4 2019vs Q4 2018 | $412.3MM$302.9MM |
| Equity Capital | Q4 2019vs Q4 2018 | $42.0MM$41.8MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $1.5MM$1.6MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $5.1MM$5.8MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $1.9MM$2.2MM |