COVINGTON, Ga. - Today, Newton Federal Bank announced plans to close its Southside Branch located at 10131 Carlin Ave., in Covington,( Bypass Road & Highway 36).
The branch is scheduled to close at 5 p.m. Friday March 2, 2018.
According to a letter prepared by President and CEO Johnny Smith sent to all customers, the company will merge all operations into the Eastside location (8258 Highway 278, Covington) and will retain all employees.
“No one will lose their job as a result of this efficiency move” Smith said.
This announcement comes as part of Newton Federal Bank’s increased focus on efficiency. With more delivery channels available such as online banking, deposit capture, full service ATMs and the ability to use ATMs nationwide customers have more choices. Newton Federal Bank is regulated by the OCC and the closure is subject to final approval.
Newton Federal Bank intends to retain and repurpose the Southside location as part of the company's plans to expand into new lines of business. Earlier this year Newton Federal Bank launched an SBA Division which is a direct result of its small business acquisition strategy.
“We will continue to look for ways to fulfill our corporate vision of becoming the best company our employees ever work for and the best investment our shareholders ever make” Smith said.
Newton Federal Bank currently operates three full service banking offices in Covington, a loan production office in Athens, and a loan production office in Braselton. Newton Federal Bank has $280 million in assets and is the wholly-owned subsidiary of Community First Bancshares Inc. The stock currently trades on NASDAQ under the symbol CFBI. To learn more about Newton Federal Bank or to access frequently asked questions regarding the Southside Closure please visit our website at www.newtonfederal.com .
Frequently Asked Questions
Question: Why are you closing the branch at 10131 Carlin Avenue?
Answer: Bank management and the Board of Directors have decided to repurpose the building in the near future and use this location to provide other lines of business to our community. We have two other locations which are also conveniently located in Covington. In addition, we will continue to operate the ATM at this location.
Q: When is the last day of operation/closure date?
A: The last day customers will be able to transact business at this location is March 2, 2018.
Q: Will I be able to use the branch until the closure date?
A: Yes, you will be able to continue to utilize this location for making deposits/withdrawals, accessing your safe deposit box, applying for a consumer loan and other banking services until March 2, 2018.
Q: Are you planning on closing other branches?
A: There are no plans to close any of our other existing Covington locations at this time.
Q: What will happen to my accounts?
A: Nothing will change with your existing loan/deposit accounts as a result of this branch closure. As a result, there will not be any action necessary by you with respect to your loan/deposit accounts. We encourage you to visit one of our other convenient Covington locations at 8258 Highway 278 or 3175 Highway 278 to meet your in-branch banking needs. If you currently use our safe deposit box services at this location, further information will be provided to you in the near future.
Q: Do I need new checks or will my account number change?
A: Your account number will remain the same and you can continue to use the same checks. You will not need to notify any third-parties with respect to any direct deposits or other electronic banking transactions that may be associated with your loan/deposit accounts.
Q: Will you still have an ATM at this location after the branch closes?
A: We will continue to operate the ATM at this location and we encourage our customers to take advantage of the conveniences that it offers, including making cash withdrawals and accepting deposits.
Q: What do I need to do if I utilize this branch for making night deposits?
A: We encourage you to utilize our night deposit services at one of our other convenient Covington locations at 8258 Highway 278 or 3175 Highway 278.
Q: What do I need to do about my safe deposit box?
A: If you utilize our safe deposit box services at this location, you will receive further information in a separate communication. We will relocate all safe deposit boxes and their contents to our Main Office at 3175 Highway 278.
Q: What will happen to the employees at this branch?
A: All existing branch personnel will be reassigned to one of our other banking locations.
Q: What are you planning to do with the building?
A: Although we are unable to provide specifics at this time, we are excited to announce that we will expand our line of products and services to better meet the financial needs of this community. This location will be used for that purpose.
