American Southern Bank
Encyclopedia
American Southern Bank was a financial company engaged primarily in retail banking
, mortgage
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 the 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.
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
, mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
banking, business finance and providing ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
and merchant processing services. The bank had a full service banking office serving Roswell
Roswell, Georgia
Roswell is a city located in northern Fulton County; it is a suburb of northern Atlanta, Georgia, United States. The 2010 Census population was 88,346. It is the eighth largest city in Georgia...
, Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
.
On April 24, 2009, Georgia Department of Banking and Finance shut down American Southern Bank, marking the 26th bank failure of the 2009 in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, 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
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
, 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.