Friday, May 18, 2012
122nd ranked Alabama Trust Bank, National Association of Sylacauga, Alabama was closed today by regulators. The former bank lost $486,000 in the most recent quarter and has total assets of approximately $51.6 million. The assets of the former bank was acquired by Southern States Bank of Anniston, Alabama (6220th). This was the first acquisition of its kind for Southern States Bank. The acquisition added about $45.1 million in total deposits to their balance sheet. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.9 million.