American Southern Bank was a financial company founded in 2005 and engaged primarily in
retail banking
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
,
mortgage
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any pu ...
banking, business finance and providing
ATM and merchant processing services. The bank had a full service banking office serving
Roswell,
Georgia.
On April 24, 2009,
Georgia Department of Banking and Finance shut down American Southern Bank, marking the 26th bank failure of 2009 in the United States, and the 51st since the beginning of the recession, as the credit crunch continued to spread through the economy. Bank of North Georgia of
Alpharetta,
Georgia, assumed all of the deposits. As of March 30, 2009, American Southern Bank had assets of about $112.3 million and total deposits of $104.3 million.
American Southern Bank becomes year's 26th failure
MarketWatch, April 24, 2009.
References
External links
{{Portal, Banks
Kennesaw, Georgia
Bank failures in the United States
Banks established in 2005
Banks disestablished in 2009
Banks based in Georgia (U.S. state)
Defunct companies based in Georgia (U.S. state)
Defunct banks of the United States
2005 establishments in Georgia (U.S. state)
2009 disestablishments in Georgia (U.S. state)