EBANK Financial Services Inc. (fka EBDC)

[sloan14]

Stearns Bank Assumes All of the Deposits of ebank Atlanta, Georgia

August 21, 2009; ebank of Atlanta, Georgia, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, Minnesota, to assume all of the deposits of ebank.

The sole branch of ebank will reopen on Monday as a branch of Stearns Bank, N.A. Depositors of ebank will automatically become depositors of Stearns Bank, N.A. Depositors will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Stearns Bank, N.A. can fully integrate the deposit records of ebank.

This evening and over the weekend, depositors of ebank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of July 10, 2009, ebank had total assets of $143 million and total deposits of approximately $130 million. In addition to assuming all of the deposits of the failed bank, Stearns Bank, N.A. agreed to purchase essentially all of the failed bank's assets.

Local Bank Contact: 770-863-9225

FDIC Media Contact:
LaJuan Williams-Dickerson
(Office) 202-898-3876
Email: [e-mail]