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State regulators take over Atlantic Southern

POSTED: May 23, 2011 7:41 p.m.

The Georgia Department of Banking and Finance took possession of Atlantic Southern Bank, Macon on Friday. The Superior Court of Bibb County issued an order appointing the Federal Deposit Insurance Corporation as receiver of the bank effective upon the Department of Banking and Finance taking possession of Atlantic Southern Bank.

The department took possession of Atlantic Southern Bank pursuant to state law that authorizes the department in its discretion to take possession of the business and property of any state chartered financial institution whenever such financial institution is either insolvent or operating in an unsafe or unsound condition to transact its business, is operating in violation of any court order, statute, rule or regulation, or requests the department to take possession of its business and property.

Atlantic Southern, headquartered in Macon, has a branch in Rincon.

Through an agreement with the FDIC, Atlantic Southern Bank will be acquired by CertusBank, National Association of Easley, S.C.

All deposit accounts of Atlantic Southern Bank have been transferred to CertusBank and will be available immediately. Depositors will be able to access their accounts at the former main office and branch locations of Atlantic Southern Bank during regular business hours.Customers of both banks should continue to use their existing branches until CertusBank can fully integrate the deposit records of Atlantic Southern Bank.

Additionally, the former depositors of Atlantic Southern Bank can continue to access their accounts through automated teller machine transactions, checks and debit transactions.

All deposits will be transferred to CertusBank and, therefore, it is not anticipated that there will be any loss exposure to former Atlantic Southern Bank depositors that have deposits exceeding the FDIC Deposit Insurance amounts.

The Department of Banking and Finance Commissioner Robert M. Braswell reminds depositors that deposits of all Georgia banks are insured by the FDIC up to $250,000. Special rules are in place for accounts held in trust status and joint accounts that may further expand deposit insurance coverage.

Additional information on FDIC deposit insurance may be found at www.fdic.gov.

The FDIC has established a Web site and a toll-free phone number to answer questions from depositors, creditors and other interested parties regarding the receivership of Atlantic Southern Bank. Please refer to the FDIC’s Web site for further information regarding the details of the purchase and assumption transaction. The Web site is http://www.fdic.gov/bank/individual/failed/atlanticsthrn.html and the toll-free phone number is 1-800-823-4939.

The phone number is operational this evening until 9 p.m. Eastern Standard Time, on Saturday from 9 a.m. until 6 p.m. on Sunday from noon to 6 p.m. and thereafter from 8 a.m. to 8 p.m.

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