FIs Closed: American Trust Bank, Roswell, Georgia, USA
On Friday, 4 February, 2011, American Trust Bank, Roswell, GA was closed by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Renasant Bank, Tupelo, Mississippi, to assume all of the deposits of American Trust Bank.
The three branches of American Trust Bank will reopen on Monday as branches of Renasant Bank.
As of 31 December, 2010, American Trust Bank had approximately USD238.2 million in total assets and USD222.2 million in total deposits.
Renasant Bank did not pay a premium for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD71.5 million.
American Trust Bank is the twelfth FDIC-insured institution to fail in the USA this year and the third in Georgia.
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