FDIC Friday - May 18, 2012

[Copper Catcher]

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.

[henrysmedford]

Will we see some from the west coast this week?

[Copper Catcher]

Not today...Hard to say when more banks will be finally shut down. It is a stretch to think that all the banks now are more stable that they were a year ago. It appears everything has been put into slow motion. My guess, so as not to add fuel to the election fodder.