Using cutting edge research, this blog predicts and comments on the probability of failure for the nearly 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
Friday, May 18, 2012
Alabama Trust Bank Closes Shop
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.