Rabun County Bank Deposit Report

Rabun 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 Rabun County continue a downward trend although not as severe when the economic crash began in 2008.

The 2012 total is $500,722,000, which is a decrease from 2011 total of $554,305,000. In 2009, before the impact of the economic drop could be registered in these reports, total bank deposits in Rabun County totaled to $ 644,220,000.

Rabun County Bank continues to lead the market with 31.6 percent of total deposits or $158,210,000. Other banks’ percentage of the market share are: Regions 22.01%; United Community 12.86%; CB&T 12;45%; Stephens Federal 11.45% and First American 9.63%.

Stephens Federal and Regions Bank were the only two banks to grow their deposit base in Rabun County in 2012. The others dropped with First American having the biggest drop: $84.5 million in 2011 to approximately $48 million in the 2012 reporting period.

The Athens based First American is the successor to locally owned Mountain Heritage Bank which was closed by the FDIC on June 24, 2011, so the 2011 results actually reflect the Mountain Heritage totals just prior to their going out of business.

With that action, Rabun County Bank became the only locally owned bank in Rabun County.

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.