Net income for the second quarter was $74,292. Earnings for the first six months of 2008 totaled $194,023. Total assets of $144.5 million at June 30, 2008 represent a 37.7 percent increase in total assets of $104.9 million at June 30, 2007.
Total Loans increased $28.0 million since June 30, 2007, or 34.4 percent, reaching $109.8 million at June 30, 2008. Total Deposits were $125.1 million at June 30, 2008, up $35.4 million or 39.4 percent from June 30, 2007.
"We are very pleased with the results achieved thus far in 2008," said Ron Quinn, Peach State Bank President/CEO. "With the current economy, we are seeing many consumers concerned that their deposits are safe and secure. The basic coverage for deposits in an FDIC-insured community bank is up to $100,000 per depositor and $250,000 per owner for certain retirement accounts. The FDIC provides separate coverage for deposit accounts held in different categories of ownership that allow a customer to have more than $100,000 insured at the same community bank. Community bank customers can bank with confidence at their local community bank knowing their money is safe because it is insured by the FDIC and held in well-capitalized and well-regulated institutions."
Peach State Bank & Trust is located at 325 Washington Street in downtown Gainesville. A full-service financial institution, Peach State Bank & Trust offers checking, savings, and commercial, mortgage, and construction lending services. In addition, customers have access to a full array of e-banking services at www.peachstatebank.com and telephone banking at 770-532-6500.
http://accesswdun.com/article/2008/7/211784