American Southern Bank

American Southern Bank was an American banking company founded in 2005 and based in Roswell, Georgia. Its business activities included retail banking, mortgage banking, business finance, ATM services, and merchant-processing services. The institution operated a full-service banking office serving the Roswell market. The bank's operating history ended during the United States financial crisis and recession. On April 24, 2009, the Georgia Department of Banking and Finance closed American Southern Bank. The closure was reported as the 26th bank failure in the United States during 2009 and the 51st since the beginning of the recession, reflecting the continuing effects of the credit crunch on financial institutions. Bank of North Georgia, headquartered in Alpharetta, Georgia, assumed the bank's deposits as part of the resolution process. Regulatory information reported that, as of March 30, 2009, American Southern Bank had approximately $112.3 million in assets and $104.3 million in deposits. No reliable source material supplied here establishes the bank's founders, ownership structure, executive team, capitalization history, or detailed product branding. Because the institution was closed in 2009, it is treated as a defunct banking brand rather than an active financial-services company.

American Southern Bank was established in 2005 as a banking company serving the Georgia market. The available reference material describes its principal activities as retail banking, mortgage banking, business finance, and the provision of ATM and merchant-processing services. Its identified full-service banking office was located in Roswell, Georgia, a city in the Atlanta metropolitan area. The institution operated during a difficult period for the United States banking sector. The credit crunch and broader recession placed pressure on banks' assets, funding, and loan portfolios, particularly among smaller regional and community institutions. By March 30, 2009, American Southern Bank was reported to have approximately $112.3 million in assets and $104.3 million in total deposits. On April 24, 2009, the Georgia Department of Banking and Finance shut down the bank. Contemporary descriptions identified the event as the 26th U.S. bank failure of 2009 and the 51st bank failure since the beginning of the recession. The resolution transferred American Southern Bank's deposits to Bank of North Georgia of Alpharetta, Georgia. The closure ended American Southern Bank's independent operation and left the brand defunct. The supplied sources do not provide further information about its founders, executives, ownership, detailed financial performance, or the treatment of its non-deposit operations.

• 2009

  Bank closed by Georgia regulators

  [1]American Southern Banken.wikipedia.org

  On April 24, 2009, the Georgia Department of Banking and Finance closed American Southern Bank during the U.S. financial crisis. Bank of North Georgia assumed its deposits.

• 2005

  Bank founded

  [1]American Southern Banken.wikipedia.org

  American Southern Bank was founded as a Georgia-based banking company.

A local, full-service Georgia banking institution serving retail customers and businesses through banking, mortgage, finance, ATM, and merchant-processing services.

• Banking services

  Retail banking

  American Southern Bank's retail-banking business served individual customers through its full-service banking office in Roswell, Georgia. The available sources do not identify specific account names, rates, card products, or branch-network details.

• Mortgage finance

  Mortgage banking

  Mortgage banking was one of the institution's stated business activities. The supplied references do not specify whether the bank focused on mortgage origination, servicing, brokerage, or a particular residential lending segment.

• Business banking

  Business finance

  The bank provided business-finance services for commercial customers. No source details the loan products, industries served, underwriting model, or geographic scope of this activity.

• Payments services

  ATM and merchant processing

  American Southern Bank also offered ATM and merchant-processing services, extending its activities beyond traditional deposit and lending products. The available material does not identify the processing network, technology partners, or specific merchant solutions.

• 2009

  Regulatory closure and deposit transferOther

  Background

  American Southern Bank was operating amid the U.S. credit crunch and recession. Reported assets were approximately $112.3 million and deposits approximately $104.3 million as of March 30, 2009.

  Action taken

  The Georgia Department of Banking and Finance closed the bank on April 24, 2009. Bank of North Georgia assumed all of its deposits.

  Aftermath

  The closure ended American Southern Bank's independent operations and established its status as a defunct banking brand.

  Assets and total deposits. $112.3 million in assets; $104.3 million in total deposits (As of March 30, 2009; closure on April 24, 2009)

  Source

1. 1American Southern Banken.wikipedia.org