Atlantic Bank & Trust has failed and been acquired by First Citizens Bank and Trust Company, Inc.
Atlantic Bank & Trust, headquartered in Charleston, has three branch locations in the cities of Charleston, Myrtle Beach and Savannah.
In a press release, officials with First Citizens Bank stated that they haveentered into loss sharing agreements with the Federal Deposit Insurance Corporation (FDIC) to purchase approximately $184.62 million of Atlantic Bank & Trust's assets and assume the majority of its liabilities.
The FDIC serves as Receiver of the institution.
Deposits assumed by First Citizens Bank will be insured subject to FDIC limits with no losses to any depositor.
Customers should bank as they normally do at their existing branches. Former Atlantic Bank & Trust customers with questions about the transaction should contact a representative at any of the former Atlantic Bank & Trust locations or at any First Citizens Bank location.
