GCB Updates: Media Release & The Road Ahead
Media Release: Greater Community Bank to be Purchased by LGE Community Credit Union
The link below was shared via press release this morning. Please take a moment to review the article and read more about the road ahead. If you have any questions, please don't hesitate to contact us at 706-295-9300.
A Letter to Our Valued Customers: The Road Ahead
I wanted to personally reach out to let you know about our forthcoming acquisition by LGE Community Credit Union. It is anticipated to take place officially in 3rd quarter 2023. Please find the press release shared earlier today from Rome News-Tribune:
LGE is a not-for-profit, member-owned financial institution with a strong commitment to the local community. Profits made by LGE are returned back to the members in the form of better rates and lower fees. Currently, LGE has $2.1 billion in assets, 300 employees, and 14 locations serving 6 counties in Northwest Georgia. GCB’s locations in Floyd and Gordon would add new counties to LGE’s market area.
Greater Community Bank opened its doors for business on February 26,1996 and has expanded its footprint over the last 26 years to include Floyd, Gordon, and Bartow counties. The Bank has grown to over $300 million in assets and has recognized record net profits for the last six consecutive years.
While we were not seeking a merger opportunity, it is no surprise that LGE contacted us given the Bank’s solid financial performance, strong asset quality, and our excellent customer base, along with our exceptional staff who will remain dedicated to you and our communities. Our Board decided to proceed with the merger because it is believed to be in the best interest of our shareholders. Being part of a larger organization will also mean our employees will benefit from even more and stronger career opportunities. It is also believed that LGE shares the same values as we do and will continue to provide quality and convenient products, excellent service, and robust expertise to our customers.
What does this mean for you?
For the time being, it’s business as usual on a day-to-day basis.
- Your account number, payment information, etc. will remain the same with Greater Community Bank.
- Our fee structure will not change.
- The services we have provided you in the past will continue to be offered.
- You will continue to work with the same people at the Bank that you have in the past.
- We will continue to operate from our current locations.
- All the contact information for us will remain the same.
The acquisition is expected to be finalized in 3rd quarter 2023. Prior to that time, LGE will contact you to provide information regarding LGE membership and any anticipated account changes.
What does this mean for us?
Most of our staff will become a part of the LGE team and continue to serve customers in the Floyd, Gordon, and Bartow markets. LGE has guaranteed to retain our people in their current roles for at least a year after the acquisition is finalized. We come to work every day for you and our commitment to you is stronger than ever during this exciting time of transition.
I want to take this opportunity to thank you for putting your trust in Greater Community Bank over the years and bringing us to where we are today. We are grateful to you, not only for allowing us the opportunity to provide you with banking services, but for your loyalty and friendship, which have enriched our relationship.
If you have any questions about this exciting news and what it will mean for you, please don’t hesitate to reach out to me or your Greater Community Banker.
David J. Lance