2012 Bank Deposits Show Continued Downward Economic Trend

October 29, 2012

Elbert County federally insured bank deposits continue to indicate a decline, a trend mirrored by all other surrounding counties.

Each year, the Federal Deposit Insurance Corporation, FDIC, releases its survey of deposits in local banks and this year the total deposits in Elbert County continue a downward trend although not as severe when the economic crash began in 2008.

The 2012 total is $293,789,000 which is a decrease from 2011 total of $308,072,000. In

2009, before the impact of the economic drop could be registered in these reports, total bank deposits in the county totaled $336,933,000.

Pinnacle Bank continues to lead the market with 60.52% of total deposits or $177,807,000. Other banks’ percentages of the market share are:

Regions 19.85%; Northeast Georgia 14.72%; Elberton Federal Savings and Loan 4.90%.

The totals only reflect the amounts on deposit in FDIC insured financial institutions in the County and do not include deposits held in federally insured credit unions or uninsured financial investments.