FIs Closed: Bank Meridian, Columbia, South Carolina, USA
On Friday, July 29, 2011, BankMeridian, N.A., Columbia, SC was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with SCBT, National Association, Orangeburg, South Carolina, to assume all of the deposits of BankMeridian, N.A.
The three branches of BankMeridian, N.A. have reopened as branches of SCBT, National Association. Depositors of BankMeridian, N.A. will automatically become depositors of SCBT, National Association.
As of March 31, 2011, BankMeridian, N.A. had approximately $239.8 million in total assets and $215.5 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $65.4 million.
BankMeridian, N.A. is the 60th FDIC-insured institution to fail in the USA this year, and the third in South Carolina.
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