Well it’s not going to count as another Georgia bank failure, but another bank with a Savannah office failed yesterday: Charleston-based Atlantic Bank & Trust.
According to the FDIC press release:
The three branches of Atlantic Bank and Trust will reopen on Monday as branches of First Citizens Bank and Trust Company, Inc. Depositors of Atlantic Bank and Trust will automatically become depositors of First Citizens Bank and Trust Company, Inc. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Atlantic Bank and Trust should continue to use their existing branch until they receive notice from First Citizens Bank and Trust Company, Inc. that it has completed systems changes to allow other First Citizens Bank and Trust Company, Inc. branches to process their accounts as well.
This evening and over the weekend, depositors of Atlantic Bank and Trust can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2011, Atlantic Bank and Trust had approximately $208.2 million in total assets and $191.6 million in total deposits. First Citizens Bank and Trust Company, Inc. will pay the FDIC a premium of 0.75 percent to assume all of the deposits of Atlantic Bank and Trust. In addition to assuming all of the deposits of the failed bank, First Citizens Bank and Trust Company, Inc. agreed to purchase essentially all of the assets.
The failure will cost the Deposit Insurance Fund about $36.4 million.
Atlantic Bank & Trust is the 45th bank to fail in the U.S. this year. That’s well behind the pace that I would have presumed for 2011, given that an unofficial list of problem banks currently lists 997 institutions.