Southern States Bank, Anniston, Alabama, Assumes All of the Deposits of Alabama Trust Bank, National Association, Sylacauga, Alabama
As of March 31, 2012, Alabama Trust Bank, National Association 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.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.9 million. Compared to other alternatives, Southern States Bank's acquisition was the least costly resolution for the FDIC's DIF. Alabama Trust Bank, National Association is the 24th FDIC-insured institution to fail in the nation this year, and the first in Alabama. The last FDIC-insured institution closed in the state was Superior Bank, Birmingham, on April 15, 2011.