Department of Banking & Finance v. Independent Insurance Agents of Georgia, Inc.

Carley, Judge.

The Citizens & Southern Bank of Cobb County (C&S) is a state bank with its principal office located in Austell, Georgia, a municipality with a population of less than 5,000 according to the 1970 census. In April of 1979 C&S applied to the Department of Banking and Finance (Department) for approval to purchase 100% of the outstanding capital stock of Pledger Insurance Agency, Inc. (Pledger), a general insurance agency with its office in Austell. C&S also applied for the Department’s approval to operate Pledger as a general insurance agency. In May of 1979, at the suggestion of…