Around Town: Local Banks Report $2.19 Billion in Deposits. Las Palmas/Armuchee Opens

There’s extra interest in the annual numbers on local bank deposits and market share for the fiscal year ending June 30.

The reason is a rare year-over-year drop in total deposits, bank branch offices and the number of banks doing business in Floyd. But that’s not bad news and should be noted with an asterisk as the economy remains robust here.

Why the drops? It is because of the “withdrawal” of one of the nine banks doing business here — even if the branches remain in service.

Since the last report from the Federal Deposit Insurance Co., Greater Community Bank has become part of LGE Community Credit Union and that moves it into a different set of regulators. It no longer is classified as a bank.

But what’s key is how the loss of the rebranded GCB from the banking ledgers — some $224 million in deposits representing 10.1% of the Floyd market as of June 30, 2023 — caused just a ripple in the 2024 report.

Floyd’s total deposits for the year ending was $2.19 billion, down 3.3% from $2.26 billion from 12 months earlier.

One reason, as often shared by a longtime community banker, is that some of the bigger players often shift deposits among its local offices. (This report reflects only the dollars assigned to offices in Rome/Floyd County and not outside its borders.)

Examples: Bank OZK saw a 50% jump in deposits in Floyd County, or from $202 million to more than $303 million. It has one branch in Rome, off the Bypass bear the Rome High/Middle School campuses. Likewise, the market share soared from 8.9% to 13.9%.

United Community Bank posted a $72 million gain year-over-year, with market share rising from 17.8% to 21.7%. That came even as the Cave Spring branch was closed (upgraded ATMs remain, however).

As for the “locals,” First National Community Bank showed a $27 million gain in deposits as market share grew from 7.8% to 9.3% while River City Bank’s local deposits jumped from $199 million to $255 million (8.8% to 11.7%).

Synovus, Regions and Wells Fargo all posted deposit drops from the previous year as well as smaller shares of the Floyd market.

The number of bank offices here dropped from 16 to 13, including two GCB locations (still open) and the United Community/Cave Spring decision. Through June 2020, there were 19 branches shared by nine banks here.

Vital vittles

Las Palmas opens in Armuchee Village: After several months of remodeling, the county’s third Las Palmas location is now open at 3349 Martha Berry Highway. Hours are 11 a.m. until 10 p.m. Sunday through Thursday and until 10:30 p.m. Fridays and Saturdays.

Off Broad adds breakfast service: Amid changes coming to the bar and restaurant in Hawthorn Suites, this update: Breakfast service has been added with hours of 6:30 until 10 a.m. weekdays and until 11 a.m. on weekends. The hotel is switching to a Hilton Tapestry identity.

Popcorn & Politics

Endorsing the push to get people to vote: The latest joining the push is the Greater Rome Board of Realtors. The association is urging all members to register to vote by the Oct. 7 deadline in order to have a voice in the 2024 election. The nifty graphic features mention of one party: “Realtor Party.” Nicely done.

The NAACP’s voter education/registration drive is now set for 6:30 p.m. Oct. 3 at Holsey Sinai CME Church, 1233 Martin Luther King Jr. Blvd.

The Floyd County Republican Party was scheduled to give away 150 Trump/Vance signs at its meeting Thursday night.

This is a test: The Floyd County elections office plans a “mock precinct” from 1 until 5 p.m. Friday, Oct. 11, at the 18 E. 12th St. office to “allow hands-on voter training to help alleviate anxiety and mystery on the process as an advanced in-person or election day elector.” It will feature “a completely made-up election with made-up candidates.”

Calendar:

Tuesday: Vice presidential debate, Republican J.D. Vance vs. Democrat Tim Walz, 9 p.m., available on most broadcast and cable news channels.

Oct. 7: Last day for new or lapsed voters to register to have a voice in the Nov. 5 general election.

Oct. 10: Floyd County Republican Women meet; 11:30 a.m. lunch, noon meeting. Guest speaker: Janelle King, a member of Georgia’s election board.

Peaks & Valleys

The highs and lows of Northwest Georgia:

Peak to Pepperell High’s Dragon Ambassadors: It was kind enough of the managers of Texas Roadhouse restaurants across the state to donate last Monday’s proceeds to Apalachee High. But then the students and families of Pepperell High and associated schools kicked it up a notch, ordering nearly 100 meals and helping with prep and clean-up. That’s a civics lesson they — and the Apalachee families — won’t forget.

Valley to the “silence of the sheep:” That is, state lawmakers and others in Atlanta who’ve done little in public to challenge the out-of-control elections board. The aftermath of “election reform” among legislators after the 2020 results, we’re basically hearing “not my job” when it comes to reforming the reformists. Why no action? “Leaders” fear a backlash when their names next appear on the ballot.

Peak to a huge weekend in downtown Rome: We hear about the bigger events in and around Broad Street, from the Christmas parade to festivals and such. But what about a wild card weekend, starting with the Styx concert Thursday night, Nashville Songwriters at Schroeder’s on Saturday night, the 10th Avenue North service on Sunday also at The Forum while, outside, the community gathered for One Table event. That’s around 3,000 people in all. How many downtowns can match that for a “quiet” weekend?