Atlantic Bank and Trust Closes This Week

In the 45th bank closing of the year, un-ranked Atlantic Bank and Trust of Charleston, South Carolina, was closed today by the Office of Thrift Supervision. First Citizens Bank and Trust Company, Inc. (1310th) of Columbia, South Carolina has agreed to assume all of the deposits of the former bank. The roughly $200 million acquisition in terms of total assets was First Citizens' third since the beginning of the current crisis.
The FDIC entered into a loss-share transaction on $141.8 million of Atlantic Bank and Trust's assets. They estimate that the cost to the Deposit Insurance Fund (DIF) will be $36.4 million.