ELLIJAY, Ga., Aug. 20, 2007 (PRIME NEWSWIRE) -- Appalachian Bancshares Inc. (Nasdaq:APAB) today announced that it has received federal approval to launch service in Dalton, Ga., with the opening of a full-service banking center. A branch of Appalachian Community bank, the Dalton banking center will operate under the name Banco Fuerza, and will focus on serving the growing Hispanic population in Whitfield and Murray Counties.
"Dalton is a fast-growing community adjacent to our current markets, and is home to one of the largest Hispanic populations in the state," said Tracy R. Newton, chief executive officer of Appalachian Bancshares. "The rising growth and financial strength of the Hispanic population, an underserved segment of the banking market, gives us new and exciting opportunities to leverage our friendly, service-oriented approach to community banking."
According to 2006 and 2007 reports by the Selig Center for Economic Growth at the University of Georgia, the Dalton metropolitan statistical area (MSA), which includes Whitfield and Murray counties, has the third-largest Hispanic population of any MSA in Georgia, with a 48 percent population increase from 2000 to 2005. The buying power of Georgia's Hispanic population has risen 832 percent from 1990 to 2006, which ranks fourth in the nation.
The new banking center in Dalton will offer customers a full array of community banking products and services, including checking and savings accounts, other deposit and investment products, commercial and consumer loans, real estate financing, mortgage lending and other services, as well as a 24-hour ATM. The bi-lingual banking center staff will offer in-branch and telephone service in both English and Spanish.
Gary A. Middleton, regional president for Murray and Whitfield counties, will oversee general banking operations and new business development in Dalton. He will be assisted by Virginia (Vicky) Paniagua Loza, who will serve as city president responsible for daily banking activities, as well as commercial and retail lending operations. A Dalton resident since 1979, Loza previously was a realtor and owner of Paniagua Real Estate LLC, a full-service real estate company based in Dalton. She serves as chair of the membership committee of the Carpet Capital Association of Realtors.
Joining Middleton and Loza is Zabdiel (Zab) A. Mendez, who will serve as vice president and branch manager of the Dalton banking office, in addition to being a lending officer. Mendez has 12 years of experience as a retail lender, previously serving as a retail loan officer at Alliance National Bank and at Regions Bank in Dalton. An alumnus of Dalton High School, Mendez is a member of the Dalton-Whitfield Community Development Corporation and serves as a youth counselor at New Life Baptist Church.
About Appalachian Bancshares Inc.
Appalachian Bancshares Inc., based in Ellijay, Ga., is the $874 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 names Gilmer County Bank and Banco Fuerza, has full-service banking offices throughout North Georgia in Ellijay, East Ellijay, Blue Ridge, Blairsville, Chatsworth, Dawsonville, Dahlonega and Dalton. 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.