Failed Bank List

Closed Friday, May 20, 2011 · Macon, Bibb County, Georgia

Atlantic Southern Bank

In the three years to the second quarter of 2009, Atlantic Southern Bank's assets grew 124%. It was the largest of two banks handed to CertusBank, National Association together on the day it closed. In 2011 regulators closed 23 banks in Georgia; this was the 11th.

On the books, 2003 to 2011

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$300M$600M$900M$1.2B2004200520062007200820092010Closed
Total assets peaked at $1.1 billion and were 33% lower at the final report. Equity capital went from 11% of assets in the second quarter of 2003 to 1.3% at the last report. By then 20% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $58.5 million, was booked in 2009.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$60M−$60M2003: $908 thousand20038.9%2004: $1.7 million20048.3%2005: $4.2 million20059.1%2006: $6.4 million200610%2007: $8.3 million200711%2008: −$137 thousand20089.9%2009: −$58.5 million20094.1%2010: −$26.2 million20101.6%2011: −$2.5 million2011*1.3%
* 2011: January to March only, the last report before closing.

Size against the other 2011 failures

Total assets of the 92 banks that failed in 2011, log scale$10M$100M$1B$10B
Total assets of each 2011 failure, log scale; Atlantic Southern Bank in red.

By assets it ranked 13th of the 92 failures in 2011. Within Georgia it ranks 15th by size of the 128 failures recorded since 1934. Across the failures of 2011, the median estimated loss came to 23% of assets. Ranked by estimated loss, it is 142nd of 2,944 failures since 1934. In the size ranking of that year, just above it was Nexity Bank of Birmingham, Alabama ($758 million, loss 24% of assets); just below, First Georgia Banking Company of Franklin, Georgia ($731 million, loss 18% of assets). Every 2011 failure in the explorer.

Closed together

With Atlantic Southern Bank, the group reported $1.5 billion in assets, and the FDIC's estimated loss on all two is $416 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
First Georgia Banking CompanyFranklin, GA$731 million$135 million2003

The only other bank closed that day outside this group was Summit Bank of Burlington, Washington.

Failures in Georgia

The previous failure there was First Choice Community Bank of Dallas, on April 29, 2011. The next was McIntosh State Bank of Jackson, on June 17, 2011. Bibb County has 2 failed banks on FDIC record since 1934. The other: Security Bank of Bibb County (2009).

Bank failures in Georgia per year, 1980 to 2026081624321981: 11989: 61990: 21991: 71992: 42000: 12002: 12007: 12008: 52009: 252010: 212011: 232012: 102013: 32014: 12015: 22016: 12026: 119801990200020102020
Per year since 1980, 2011 in red. Every Georgia failure

The acquiring bank

CertusBank, National Association of Easley, South Carolina took over four failed banks between 2000 and 2026. Apart from the banks closed together with this one, the others:

All 4 banks it took over.

  • Hometown Community BankBraselton, GA · November 16, 2012
  • Parkway BankLenoir, NC · April 26, 2013

FDIC certificate 57213 · loss estimate as of July 31, 2026 · How to read this page