All 26 branches of the two closed banks will reopen as branches of CertusBank and the deposit customers of both institutions will automatically become depositors of CertusBank.
Customers of the two failed banks can continue to use their former branches for banking actities as usual.
As of 31 March 2011, Atlantic Southern Bank had total assets of $741.9m and total deposits of $707.6m and First Georgia Banking had total assets of $731.0m and total deposits of $702.2m.
As a result of these transactions, South Carolina-based CertusBank expands its existing footprint outside of South Carolina, adding 25 locations in Georgia and one in Florida. Its assets now comprise $1.8bn.
