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Home > Industry Analysis > Failed Banks > Failed Bank Information | |
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All deposit accounts have been transferred
in their entirety to Bank of North Georgia based in Alpharetta, GA. The
former American Southern Bank office will reopen for normal business hours
on Monday, April 27, 2009, as a branch of Bank of North Georgia.
As an All-Deposit Transfer transaction, the total of all deposit accounts,
except for brokered deposits, whether within FDIC insurance limits or not,
have been assumed by Bank of North Georgia and will be available for business
as usual.
It is possible a depositor’s account was held due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will continue to be held. A letter will be sent informing you of any holds placed by the FDIC, along with instructions on how to proceed. If you have any questions regarding these holds, please call your loan officer or the FDIC at the number provided in the letter.
You will be able to continue using your personal checks at this time, and your ATM/Debit card will continue to work. The ATM machine will be unavailable for a short period of time on Friday for processing; however, it will be operational shortly after that is accomplished and will be available as usual.
Billpay will be disrupted for a short period of time on Friday night for processing. Once processing is accomplished, Billpay service will be operational as usual.
Brokered deposits will be held by the FDIC, and those insured deposits
will be paid off when the insurance determination is complete. The FDIC
offers an online reference guide to deposit brokers acting as agents for
their investor clientele. This site outlines the FDIC’s policies
and procedures that must be followed by deposit brokers when filing for
pass-through insurance coverage on custodial accounts in a failed FDIC-insured
institution. Please read the following Deposit Broker Processing Guide
completely before contacting the FDIC with questions:
Deposit Broker
Processing Guide (www.fdic.gov/deposit/deposits/brokers/index.html)
Should you have any questions regarding the completion of required affidavits
or declarations on behalf of your client, please call 1-800-323-6111 and
indicate you have a form completion question.
If you are a customer who has an American Southern Bank deposit through a broker, you must
contact your broker with any questions. Once the FDIC receives a balanced investor file along
with all the required documentation, from your broker, your insured funds will be wired to them on your behalf.
A copy of this document or the press release (www.fdic.gov/news/news/press/2009/pr09057.html) can be provided as both documents state all deposits have been transferred to Bank of North Georgia, and it is business as usual. Copies of this press release will be available at the former American Southern Bank office. Depositors or merchants can also call the FDIC at 1-800-323-6111 or the former American Southern Bank office.
Your account(s) has already been transferred to Bank of North Georgia, and your account(s) will be handled as usual. Any withdrawal, renewal or additional deposits will “claim” your account. Please be advised that if there is no activity in your account in the next 18 months, that money will be turned over to your state as unclaimed property in accordance with state law. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer’s office or office of unclaimed property.
All deposits (both insured and uninsured) of American
Southern Bank have been transferred to Bank of North Georgia and
it will be business as usual. If you held an account at American
Southern Bank, you now have an account at Bank of North Georgia
that is available to you at your former American Southern Bank
office during regular business hours.
If you had a loan with American Southern Bank, please continue
to make your payments to the same address as you have in the
past until you are instructed otherwise. Continue to make your
checks payable to American Southern Bank.
The former American Southern Bank office will reopen for
normal business hours on Monday, April 27, 2009. You will have
continued access to your money through your ATM/debit card and
by writing checks.
Can American Southern Bank customers use Bank of North Georgia
branches?
No, not at this time. During the transition of American Southern
Bank records to Bank of North Georgia systems, American Southern
Bank customers should continue to conduct their banking business
at the former American Southern Bank office. You will be notified
when you can use Bank of North Georgia branches.
Similarly, existing Bank of North Georgia customers cannot use
the former American Southern Bank office and should continue to
conduct their business at Bank of North Georgia branches.
The transferred accounts will be separately insured for at least
six months after the merger. This grace period gives a depositor
the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity date after
the end of the six-month grace period. CDs that mature during the six-month period and
are renewed for the same term and in the same dollar amount (either with or without accrued interest)
continue to be separately insured until the first maturity date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be
separately insured only until the end of the six-month grace period.
Direct Deposits will continue as normal, including Social Security checks. If you need to change anything in the future, please contact or visit your former American Southern Bank office to make those arrangements.
No. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
You will receive your account statements at the same time you have received them in the past.
All interest accrued through Friday,
April 24, 2009,
will be paid at your same rate. Bank of North Georgia will
be reviewing rates and will provide further information soon.
If you deposited funds through a broker, the interest will accrue and be paid through
Friday, April 24, 2009.
Interest checks and cashier's checks will continue to clear.
Yes, access to the website will be available; however, for a short period of time on Friday evening, the site will be unavailable for processing. Once processing is complete, the website will be operational as usual.
Yes, all deposits, including IRAs, have been transferred in their entirety to Bank of North Georgia. IRA funds are insured separately from other types of accounts up to $250,000. If you close your IRA before maturity, you have 60 days to roll this over into another retirement vehicle. You should consult IRS Publication 590 and/or your tax advisor concerning the possible tax consequences of such distribution. IRS Publication 590 may be obtained by contacting your local IRS office or via the Internet at www.irs.gov.
No. All accounts have been transferred in their entirety to Bank of North Georgia and will be available starting on Monday, April 27, 2009.
Checks that were drawn on American Southern Bank that did not clear before Friday, April 24, 2009, will be honored up to your available balance.
Please contact a representative of your new bank at your former American Southern Bank office to obtain a copy of any records you may need or visit the office.
Bank of North Georgia will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
All deposits have been transferred in their entirety to Bank of North Georgia; therefore, you have received your deposits in full.
Please contact your former American Southern Bank office to obtain information regarding your wire request.
You should experience no disruption in this service. We encourage you to check your bank account the day after your scheduled draft to verify the transaction. If the transaction did not occur, please notify your loan officer to research your loan.
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.
All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately.
No. The current fee structure will remain the same.
At this point, all foreclosure actions have been suspended in order to properly evaluate the loans and the borrower's ability to repay. It is our intention to sell all loans, and it will be up to the new owner to determine the best method of collection on the loan. There may be instances where FDIC will continue with the foreclosure process, but this will be done on a case-by-case basis.
Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.
Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.
All lines of credit, including Home Equity Lines of Credit (HELOCs), have been suspended at this time and have been retained by the FDIC. You may contact Bank of North Georgia to discuss establishing a borrowing relationship.
Please contact your loan officer directly.
This will be determined on a case-by-case basis. Please contact your loan officer.
Yes. These lines have been transferred to Bank of North Georgia. Please contact your new bank if you have additional questions regarding your accounts.
You should continue to make your payments as agreed. Make checks payable to American Southern Bank and utilize the same payment address information. You may continue to make your payments at the branch or by phone via check or credit card.
Any pre-payment penalty will be waived as long as FDIC as Receiver for American Southern Bank has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.
The FDIC as Receiver for American Southern Bank will not be originating any new loans.
If your loan has been approved by the SBA, but is not yet funded, please
contact your loan officer. He will direct you to the proper SBA contact
to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA, we will
release your SBA package on file with us to you, and you will need to apply
with another SBA-approved lender. Please contact your loan officer to make
arrangements to retrieve your application from the bank.
Each loan is currently being reviewed independently to determine the best action for that individual loan. Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.
The FDIC will review offers made to purchase real property from the
former American Southern Bank and will respond to the offers as soon as
possible. The review process includes ordering a new appraisal, which
could take up to 60 days or more.
The FDIC, as Receiver, has hired CB Richard Ellis (CBRE) to handle the
management and disposition of real property acquired from the
institution. If you have questions regarding the status of your offer
please feel free to contact CBRE directly. Below is the contact
information for CBRE:
Kim Celoni
CB Richard Ellis / Global Corporate Services
FDIC Account
2100 Ross Avenue, Suite 400
Dallas, TX 75201
1-866-260-8505
Email: FDIC-ORE@cbre.com
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC is only able to transfer all deposits if the uninsured amounts are covered by the premium. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):
| Deposit Insurance | (www.fdic.gov/deposit/index.html) |
| Are my deposits insured? | (www.fdic.gov/deposit/deposits/index.html) |
| EDIE | (www.myfdicinsurance.gov) |
You may also order any FDIC publication:
| FDIC Public Information Center 3501 North Fairfax Drive Room E-1002 Arlington, VA 22226 703-562-2200 Phone 703-562-2296 Fax publicinfo@fdic.gov |
Please contact the Office of Public Affairs:
| David Barr 202-898-6992 dbarr@fdic.gov |
Yes. Your deposit at Bank of North Georgia is insured by the FDIC, and each depositor is insured to at least $250,000, as established by law.
It is business as usual. You may go to your branch and access your safe deposit box or make appointments by calling your former American Southern Bank office.
The American Southern Bank had no publicly owned stock. Equity shareholders were invested in the holding company, American Southern Bancorp., Inc, Kennesaw, GA, and not in the bank. Please do not file a claim with the Receiver, rather contact the holding company with any questions you may have.
Please send your bills to the following address:
| FDIC as Receiver for American Southern Bank 1601 Bryan Street Dallas, TX 75201 |
American Southern Bank, Kennesaw, GA was closed Friday, April 24,
2009, by the Georgia Department of Banking and Finance.
Subsequently, the Federal Deposit Insurance Corporation (FDIC) was
appointed Receiver. Share price does not trigger a bank closing and
was not the reason for this failure. According to regulatory policy,
there is no advance notice given to the public. Please see the
Georgia Department of Banking and Finance’s Press Release for more
information.
The good news is that no one lost any deposits as a result of the
closure of American Southern Bank. To protect depositors, the FDIC
Board of Directors approved the Bank of North Georgia, headquartered
in Alpharetta, GA, to assume all the deposits of American Southern
Bank.
You may access information about doing business with the FDIC at
Procurement
Opportunities (www.fdic.gov/buying/goods/opportunities/index.html)
You must also register in the Central Contractor Registration database at
www.ccr.gov.
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
ProcurementOpportunities@fdic.gov.
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (www.fdic.gov/about/jobs/index.html).
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Last Updated 04/24/2009 | Customer Service |
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