ELLIJAY, Ga., April 25, 2007 (PRIME NEWSWIRE) -- Appalachian Bancshares Inc. (Nasdaq:APAB), the holding company of Appalachian Community Bank, today announced the grand opening of its new federally chartered thrift subsidiary, Appalachian Community Bank, F.S.B. The thrift's operations are based in McCaysville, Ga.
Appalachian Community Bank, F.S.B., has completed the acquisition of Appalachian Community Bank's existing banking center in McCaysville, and its loan production offices in Ducktown, Tenn., and Murphy, N.C., which have become full-service banking centers. The McCaysville office is located at 109 Blue Ridge Drive, the Ducktown office is located at 125 Five Points Drive and the Murphy banking center is located at 3000 West US 64.
"With the opening of our thrift operations, we can now deliver our full range of customer-focused community banking products and services to fast growing communities beyond the borders of our traditional North Georgia markets," said Chief Executive Officer Tracy R. Newton. "We also are better positioned to become strong supporters of the communities that surround our new locations in southeastern Tennessee and western North Carolina."
The new thrift offers customers a full array of community banking products and services, including checking and savings accounts, certificates of deposit, commercial and consumer loans, real estate financing, mortgage lending and other financial products.
"This important milestone gives us a great deal of flexibility for the long-term growth of our company," said Joe Moss, president and chief operating officer. "Being able to branch into any state at a relatively low cost will allow us to strategically grow our banking franchise where and when it makes the most sense."
About Appalachian Bancshares Inc.
Appalachian Bancshares Inc., based in Ellijay, Ga., is the $758 million-asset bank holding company of Appalachian Community Bank, a state-chartered bank organized under the laws of the State of Georgia, and Appalachian Community Bank, F.S.B., a federally chartered thrift. Through its subsidiaries, Appalachian Bancshares provides a full range of community banking services to individuals, small and medium-sized businesses, real estate developers, contractors and farmers. Appalachian Community Bank, which also operates under the trade name of Gilmer County Bank, has full-service banking offices throughout North Georgia in Ellijay, East Ellijay, Blue Ridge, Blairsville, Chatsworth and Dawsonville. Appalachian Community Bank, F.S.B. has full-service banking offices in McCaysville, Ga., Ducktown, Tenn., and Murphy, N.C. The common stock of Appalachian Bancshares is traded on the Nasdaq Global Market, under the symbol APAB. For more information, please visit the Company's website at www.apab.com.