NEW YORK ( TheStreet) -- The Office of the Comptroller of the Currency closed Alabama Trust Bank, NA of Sylacauga, bringing this year's total number of bail failures to 24.
Alabama Trust Bank had total assets of $51.6 million and $45.1 million in deposits.
The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed bank's retail deposits and assets to Southern States Bank of Anniston, Ala.Customers with deposits in Alabama Trust Bank that were made through brokers were advised to contact their brokers, who would be paid directly by the FDIC. The failed bank's office was set to reopen during its normal business hours Saturday, as a branch of Southern States Bank. The FDIC estimated the cost of Alabama Trust Bank's failure to the deposit insurance fund would be $8.9 million.
Thorough Bank Failure CoverageAll 437 previous bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
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