WASHINGTON — The closure Friday of the $208 million-asset Atlantic Bank and Trust in Charleston, S.C., was estimated to cost the Federal Deposit Insurance Corp. $36 million.
The FDIC announced that First Citizens Bank and Trust Co. Inc. in Columbia, S.C., will pay a 0.75% premium to assume all of Atlantic's $192 million in deposits. First Citizens will also purchase roughly all of the failed bank's assets, agreeing to share losses with the FDIC on about $142 million of those assets.
The failure was the industry's 45th this year and the second to occur in South Carolina.
