OCC Appoints Receiver for First Southern National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for First Southern National Bank, Statesboro, Georgia.  As of June 30, 2011, the bank had approximately $165 million of total assets.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices.  The OCC also found that the bank is likely to incur losses that will deplete its capital, the bank is significantly undercapitalized, and there is no reasonable prospect that the bank will become adequately capitalized without Federal assistance.

The FDIC will release information about the resolution of the bank.