The FDIC's portfolio of former bank properties in Georgiadropped by one Thursday with announcement by $175 million MidSouthCommunity Federal Credit Union that it has purchased a vacantfacility in north Macon to open as a new credit union branch June1.

The price paid for the new Bass Road facility was not disclosedbut credit union officials said the buyout fits well intoMidSouth's long-term expansion plans. MidSouth will now have sevenfacilities in central Georgia.

Credit unions, such as Pacific Crest FCU, have been snatching up former bank branchesor buying banks outright, as GFA FCU is attempting with Monadnock Community Bank.

Two years ago MidSouth bought two other bank branches in theMilledgeville area from the FDIC. Those purchases also stemmed fromthe string of failures of community banks gripping the state duringthe recession. At one point, Georgia was known as the nation's“capital of bank failures,” a trend that has since ebbed.

The Bass Road branch, vacant for at least nine months, was lastowned by State Bank & Trust of Macon. The bank branch was partof a merger deal with State Bank, which maintained its existingpresence in the same area, said DeAnn Dent, vice president ofcredit union development at MidSouth.

“We've discovered how important it is to watch the FDIC's onlinelist of foreclosed properties for sale,” said Dent. “We've comeeven to do this on a daily basis.”

She said the actual ending of bank services in some areas as aresult of bank failures “is unfortunate and a sad development” butis one by which credit unions like hers are able to takeadvantage.

President/CEO of MidSouth Claude Garrett said in a press releasethat the addition of the Bass Road property “will fulfill anobjective in MidSouth's long-range facility master plan, whichplaces priority on offering the current membership a convenientlocation in the north Macon area.”

MidSouth Board Chairman Harry Trawick said also, “We think ourmembership will be pleasantly surprised with the interior of thenew branch– an experience just to walk in and see the place.” Theofficial ribbon cutting will take place June 13.

Also in central Georgia, the $1.7 billion Robins FCU of WarnerRobins confirmed it had purchased a bank facility in Forsyth for abranch.