Saturday, April 25, 2009

Bank of North Georgia Assumes Deposits of American Southern Bank in Kennesaw, Georgia

(BUSINESS WIRE)--Bank of North Georgia, an affiliate of Columbus, Georgia-based Synovus, announced yesterday that it has assumed from the Federal Deposit Insurance Corporation (FDIC) approximately $55.6 million in total deposits, including all uninsured deposits, of American Southern Bank in Kennesaw, Georgia.

“We appreciate the FDIC selecting our Atlanta affiliate, Bank of North Georgia, to serve the customers of American Southern Bank,” said Richard Anthony, Synovus Chairman and CEO. “We are confident in Bank of North Georgia's ability to meet the needs of American Southern's customers, and offer them an easy transition into a solid banking organization that is backed by Synovus' strong capital position.”

The one office of American Southern Bank will reopen on Monday, April 27, 2009 as a branch of Bank of North Georgia. Depositors of American Southern Bank will automatically become depositors of Bank of North Georgia. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Bank of North Georgia can fully integrate the deposit records of American Southern Bank.

Over the weekend, depositors of American Southern Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

“Bank of North Georgia’s team has a long history of serving customers throughout Cobb County and Metro Atlanta. Although it is disappointing to see a bank in our region fail, we appreciate the opportunity to work with and support the FDIC by assuming both the insured and uninsured deposits of American Southern Bank,” said Kessel Stelling, President and CEO of Bank of North Georgia. “A dedicated team of Bank of North Georgia and FDIC professionals will be working throughout this weekend to prepare the branch to open as ‘business as usual’ on Monday morning. This team will be ready to greet each customer and alleviate any questions or concerns that may arise. We look forward to welcoming American Southern Bank’s customers to Bank of North Georgia and Synovus.”

Bank of North Georgia, headquartered in Alpharetta, Georgia, has assets of $5.8 billion and has 46 offices conveniently located in 17 counties throughout metro Atlanta (five offices in Cobb County). The bank is ranked 5th in deposit market share in Atlanta.

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