Alabama Community Bank Is Shut Down

Posted by Orb Staff on May 21, 2012 No Comments
Categories : Residential Mortgage

11598_closed Alabama Community Bank Is Shut Down Alabama Trust Bank, based in Sylacauga, Ala., was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Anniston, Ala.-based Southern States Bank for the deposits of Alabama Trust Bank.

As of March 31, Alabama Trust Bank had approximately $51.6 million in total assets and $45.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Southern States Bank agreed to purchase essentially all of the assets.

Alabama Trust Bank is the 24th bank to fail this year.

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