Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

American Southern Bank - Kennesaw, Georgia

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Friday, April 24, 2009: American Southern Bank, Kennesaw, Georgia was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. 

As of March 30, 2009, American Southern Bank had total assets of approximately $112.3 million and total deposits of $104.3 million.

The FDIC entered into a purchase and assumption agreement with Bank of North Georgia, Alpharetta, Georgia, to assume all of the deposits, excluding those from brokers, of American Southern Bank.

All non-brokered deposit accounts have been transferred to Bank of North Georgia, Alpharetta, Georgia and are available immediately. The FDIC will pay the brokers directly for the amount of their funds. On Monday, April 27, 2009, the single former American Southern Bank location reopened as a branches of Bank of North Georgia.

Transferred deposits will be separately insured from any accounts you may already have at Bank of North Georgia for six months after the failure of American Southern Bank.

Bank of North Georgia
8025 Westside Parkway
Alpharetta, GA 30004
(770) 576-4471
http://www.banknorthgeorgia.com

Bank of North Georgia paid a premium of 0.003 percent to acquire the deposits of American Southern. In addition to acquiring $55.6 million of the failed bank's deposits, Bank of North Georgia agreed to purchase approximately $31.3 million in assets. The FDIC will retain any remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $41.9 million.

For additional information and assistance contact the FDIC at: 800-323-6111; or go to: http://www.fdic.gov/bank/individual/failed/amsouthern.html

2009 FDIC Insured Failed Banks
 
 
 
 
American Southern Bank
745 Chastain Road
Kennesaw, GA 30144

http://www.americansouthernbank.com
 

Established on 8/30/2005 as
American Southern Bank

 

Assets: $112 million
Deposits: $104 million
 
 
Cost to FDIC: $42 million

 

 
 

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for  American Southern Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: American Southern Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201
800-568-9161


Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised.  For assistance go to: Unclaimed Account Search


History: Established on 8/30/2005 as American Southern Bank


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