Gov. Brian Kemp signs SB 157
Governor Brian Kemp Thursday morning joined community bankers across the state to sign SB 157, which passed unanimously during the 2019 session and allows community banks to accept deposits from local governments.
Small and local businesses, which create most new jobs in communities, typically depend on local banks for financing, and thus SB 157 allows local banks to reinvest in their communities through loans and banking services. The bill was sponsored in the Senate by Sen. John F. Kennedy (R-Macon) and in the House by Rep. Dale Washburn (R-Macon).
Kemp signed the bill at the Community Bankers Association of Georgia (CBA) Headquarters in the Vinings neighborhood of Atlanta.
He was joined by leaders from CBA, including its chairman, Tim Jones of Citizens Community Bank in Hahira, CBA President and CEO John McNair, and Lori Godfrey, CBA’s Director of Legislative affairs, as well as by bill sponsors Kennedy and Washburn,
Said Kemp at the ceremony, “By supporting small businesses and local entrepreneurs, this legislation is another positive step toward a new day in rural Georgia. I thank the General Assembly and the Community Bankers Association for their hard work on this important issue and their efforts to bring greater prosperity to all corners of our state.”
Kennedy called the bill “a ‘win-win’ for all of Georgia, but especially rural Georgia, the local governments of Georgia and our banking community who serve our businesses and help so much with much needed economic development.”
The Community Bankers Association of Georgia is a non-profit advocacy organization that has served community banks throughout Georgia for 50 years to support their profitability and growth.
