ALPHARETTA, Ga. — Bank of North Georgia, an affiliate of Columbus-based Synovus, announced 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.
“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, 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.