ATLANTA -- The failure of two community banks here within three months--and both in the same suburb--is providing an extra nudge to a safety and soundness campaign that will be launched Monday by Georgia Credit Union Affiliates.
Using billboard, print and radio, the month-long Georgia campaign "with a reassuring theme" will "describe the credit union difference and explain how consumers can benefit by belonging to a credit union," said a league spokeswoman.
Without directly mentioning the bank collapses in suburban Alpharetta, Eric Jenkins, senior vice president of growth services at GCUA, said, "credit unions in Georgia are doing well, despite the uncertainty in the banking industry. Our credit unions are well capitalized and ready to lend to members."
A week ago, the $362 million Alpha Bank of Alpharetta was seized by the FDIC and under a purchase/assumption deal was sold to Stearns Bank NA of St. Cloud, Minn. In August another larger Alpharetta Bank, the $1 billion Integrity Bank was also taken over by the FDIC and sold to Regions Bank of Birmingham, Ala., after Integrity ran up large losses on real estate loans.
On the safety and soundness campaign, GCUA said that apart from the ads, several radio stations "have have agreed to run public service announcements to spread the message." Additionally, "we have received invitations to appear on radio public affairs programs to further describe the credit union difference."