""Atlantic Bank and Trust"":https://www.myatlanticbank.com/ in Charleston, South Carolina, was closed Friday by the Office of Thrift Supervision (OTS), bringing the count of ""FDIC-insured bank failures"":http://www.fdic.gov/bank/individual/failed/banklist.html to 45 for the year.
According to a statement from the OTS, the decision was made to shut down the South Carolina lender because it[IMAGE] [COLUMN_BREAK]
was ""critically undercapitalized"" and ""has materially failed to implement a capital restoration plan.""
Atlantic Bank and Trust operated three regional branch locations, two in South Carolina and one in Georgia. As of the end of March, it had approximately $208.2 million in assets and $191.6 million in deposits.
The FDIC brokered a deal with ""First Citizens Bank and Trust Company"":https://www.firstcitizensonline.com/, also headquartered in South Carolina, to take over the failed lender. First Citizens will pay a premium of 0.75 percent for the deposits and has also agreed to purchase essentially all of the assets.
The FDIC and First Citizens entered into a loss-share transaction on $141.8 million of Atlantic Bank and Trust's assets.
The closing is expected to cost the FDIC an estimated $36.4 million. Atlantic Bank and Trust is the second South Carolina institution to go under this year.