One more bank tumbled this past week, bringing the total bank failure count to a 45 for the year. Find out more about the failed banking institution and how depositors can expect to be affected by the change below with MyBankTracker.com.
Atlantic Bank and Trust Corp., was closed by the Office of Thrift Supervision and the and placed under receivership by the FDIC. The Charleston, S.C. bank, which had assets of roughly $208.2 million and deposits of $191.6 million as of the end of the first quarter, will transfer both to First Citizens Bank and Trust Company Inc., based in Columbia, South Carolina.
First Citizens Bank will also enter into a loss sharing arrangement with the FDIC on $141.8 million of Atlantic Bank’s assets through the acquisition. Through Friday and through the weekend, customers with accounts with Atlantic Bank continued to have access to their funds by writing checks or making ATM and debit card withdrawals.
“We are very excited to welcome our new customers and associates to First Citizens,” said First Citizens Bank’s COO Peter Bristow in a Friday statement. “This transaction gives us an opportunity to provide our new and existing customers access to nearly 200 branch offices and 225 ATMs in South Carolina and Georgia.”
Atlantic Bank’s failure now brings the total 2011 bank failure rate up to 13–the highest in the country.
Atlantic Bank is the third FDIC-insured bank acquisition for First Citizens this year. Earlier this year First Citizens Bank acquired Williamsburg First National Bank of Kingstree, S.C., which had five bank branches at the time. Williamsburg First National, which had $66 million and $96.6 million in deposits at the time the deal was announced, was seized by the FDIC on last July 23.
The second bank acquired by the FIrst Citizens bank last year was Georgian Bank of Atlanta, which at the time was the second largest Atlanta-based bank with $2.23 billion in assets, $1.82 billion in loans and deposits of $1.96 billion. First Citizens acquired that bank on Georgian Bank of Atlanta on Sept. 25, 2009.