AMERICAN SOUTHERN BANK Failed 2009

KENNESAW, GA · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

AMERICAN SOUTHERN BANK of KENNESAW, GA was closed on 2009-04-24. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to BANK OF NORTH GEORGIA (ALPHARETTA, GA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
3622
FDIC Certificate
57943
FDIC FIN
10053
Bank name
AMERICAN SOUTHERN BANK
Location
KENNESAW, GA
Failure date
2009-04-24
FDIC resolution date
2009-04-24
Charter type
State commercial bank, non-Federal Reserve member (FDIC-supervised)
Resolution type
Purchase & Assumption — acquiring bank assumed deposits + bought assets
FDIC DIF cost (est.)
$33M
Deposits at failure
$106M
Assets at failure
$106M
Acquiring bank
BANK OF NORTH GEORGIA (ALPHARETTA, GA)