Bank Failure
American Southern Bank
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Closed April 24, 2009 · Kennesaw, GA · FDIC Cert #57943.
- Closing date
- April 24, 2009
- Headquarters
- Kennesaw, GA
- FDIC Certificate
- 57943
- Total assets at closing
- $106.0M
- Total deposits at closing
- $105.9M
- Estimated loss to the insurance fund
- $32.8M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of North Georgia
Context
On April 24, 2009, regulators closed American Southern Bank, headquartered in Kennesaw, GA. At closing, the institution held approximately $106.0M in assets and $105.9M in deposits. The FDIC record names Bank of North Georgia as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $32.8M.
By assets at closing this is the 1165th largest of the 3,526 bank failures in the FDIC record, and the 113th of 140 in 2009. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did American Southern Bank fail?
American Southern Bank was closed by regulators on April 24, 2009.
Who acquired American Southern Bank?
The FDIC record names Bank of North Georgia as the acquiring institution in the resolution of American Southern Bank.
How big was American Southern Bank when it failed?
American Southern Bank had approximately $106.0M in total assets and $105.9M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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