South Carolina Bank Shuttered
June 7, 2011
Atlantic Bank and Trust in Charleston, S.C., was closed last week by the Office of Thrift Supervision and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Citizens Bank and Trust Company, Inc., Columbia, S.C., to assume all of the deposits of Atlantic Bank and Trust.
The three branches of Atlantic Bank and Trust reopened as branches of First Citizens Bank and Trust Company, Inc. Depositors of Atlantic Bank and Trust will automatically become depositors of First Citizens Bank and Trust Company.
As of March 31, 2011, Atlantic Bank and Trust had approximately $208.2 million in total assets and $191.6 million in total deposits. First Citizens Bank and Trust Company will pay the FDIC a premium of 0.75 percent to assume all of the deposits of Atlantic Bank and Trust. In addition to assuming all of the deposits of the failed bank, First Citizens Bank and Trust Company agreed to purchase essentially all of the assets.
Contact ALTA at 202-296-3671 or [email protected].