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Alabama Bank Fails as 2012 Bust Tally Hits 24

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.

The failed bank was previously included in TheStreet's Bank Watch List of undercapitalized institutions, based on regulatory data provided by HighlineFI.

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 Coverage

All 437 previous bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.


-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to
Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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