Community First Bank of Georgia is one step closer to opening in Hart and Elbert counties after their Federal Deposit Insurance was approved last week.

The Georgia Department of Banking and Finance approved the bank’s articles of incorporation in May. The Federal Deposit Insurance Corporation (FDIC) approved Community First Bank’s application for federal deposit insurance on Aug. 11. It ensures deposits against losses if there is bank failure.

Those approvals give the bank the authority to start raising the between $12 to $15 million in capital, which is needed to start the bank. It will be the first newly charted bank in the area in more than 50 years when it receives final approval, according to bank officials.

“We will be very community oriented,” said Neal Glenn, the bank’s chief executive officer. “We will be involved in activities in the community. The organizers are local business people in the two communities. We will start small.”

In Hartwell, Community First Bank will move into the former Anderson Federal Credit Union building on Franklin Street. In Elberton, the bank will break ground on a new building at 924 Elbert Street Extension and operate out of a modular office while the new facility is built.

The banks will open in November.

The bank organizers will sell stock to investors to generate enough capital to start the bank. An offering circular has already been prepared to give potential investors more information about the bank.

Community First Bank of Georgia will open banks in Hartwell and Elberton at the same time. The bank is the brainchild of a group of small-business owners in both counties who saw the need for another option in the market.

Residents who would like a copy of the offering circular can call (706) 283-8777.