Regulators shut American Southern Bank in Georgia, 26th bank to fail

CHARLOTTE -- Regulators have shut down American Southern Bank in Georgia, boosting the number of failures this year to 26 — more bank closures than in all of last year.

The Federal Deposit Insurance Corp. was appointed receiver of the bank, based in Kennesaw. It had $112.3 million in assets and $104.3 million in deposits as of March 30.

The FDIC said Friday the bank's deposits will be assumed by Bank of North Georgia, based in Alpharetta. Its branches will reopen Monday as offices of Bank of North Georgia.