Friday, May 18, 2012

Bank Failure #24 in 2012: Alabama Trust Bank

by Calculated Risk on 5/18/2012 06:26:00 PM

Alabama bank
Torpedoed in sea of debt
Sunk by crimson tide
by Soylent Green is People

From the FDIC: 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. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.9 million. ... Alabama Trust Bank, National Association is the 24th FDIC-insured institution to fail in the nation this year, and the first in Alabama.
It may be small, but it still counts. It's Friday, Friday ...