FIs Closed; Atlantic Bank and Trust, Charleston, South Carolina, USA
On Friday, 3 June, 2011, Atlantic Bank and Trust, Charleston, SC was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits of Atlantic Bank and Trust.
The three branches of Atlantic Bank and Trust have 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, Inc.
As of 31 March, 2011, Atlantic Bank and Trust had approximately USD208.2 million in total assets and USD191.6 million in total deposits.
First Citizens Bank and Trust Company, Inc. will pay the FDIC a premium of 0.75 percent to assume all of the deposits of Atlantic Bank and Trust.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD36.4 million.
Atlantic Bank and Trust is the 45th FDIC-insured institution to fail in the USA this year and the second in South Carolina.
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