Feds warn Woodstock’s United Security Bancshares

Another small Georgia bank hit with big real estate losses has been reined in by federal regulators.

The order prevents Woodstock-based United Security Bancshares from paying dividends or incurring debt without approval from the Federal Reserve Bank of Atlanta and the Georgia Department of Banking and Finance. The order was issued on March 31 and made public Monday.

The company, which operates branches in Woodstock and Sparta, lost $730,000 last year. Moreover, the bank has $9 million of loans at least 90 days late, virtually all tied to real estate.

The bank is relatively small, with about $150 million in assets. The bank’s president, Jade Bergdoll, did not return a phone call.

United Security made a recent list of troubled institutions using a measure called the “Texas ratio, ” which attempts to gauge a bank’s health. A score above 100 is considered problematic. United Security had a score of 172.