Chestatee State Bank gets cease and desist order from FDIC

The Federal Deposit Insurance Corp. disclosed Friday it issued on Aug. 19 a cease and desist order to Chestatee State Bank of Dawsonville, Ga., for alleged “unsafe and unsound banking practices” and “violations of the law.”

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Some 16.36 percent of the bank's total loan portfolio was in some form of delinquency or default, as of June 30, according to FDIC data. The bank made $238 million in domestic loans, as of that date. The bulk of those -- $120 million -- were in construction and land development.