FIs closed: Williamsburg First National Bank, Kingstree, South Carolina, USA
On Friday, 23 July, 2010, Williamsburg First National Bank, Kingstree, South Carolina 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 First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits of Williamsburg First National Bank.
The five branches of Williamsburg First National Bank reopened on Monday as branches of First Citizens Bank and Trust Company, Inc.
As of 31 March, 2010, Williamsburg First National Bank had approximately USD139.3 million in total assets and USD134.3 million in total deposits.
First Citizens Bank and Trust Company, Inc. will pay the FDIC a premium of 0.5 percent to assume all of the deposits of Williamsburg First National Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD8.8 million.
Williamsburg First National Bank is the 99th FDIC-insured institution to fail in the USA this year and the fourth in South Carolina.
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