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Federal regulators seize Atlantic Bank and Trust - Live5News.com | Charleston, SC | News, Weather, Sports

Federal regulators seize Atlantic Bank and Trust

Federal regulator have seized Atlantic Bank and Trust.

According to a Federal Deposit Insurance Corporation press release, the Office of Thrift Supervision closed the bank and the FDIC was named as the receiver.  

The FDIC says that First Citizens Bank and Trust Company Inc. will assume all of the deposits of Atlantic Bank and Trust.

The three branches of Atlantic Bank and Trust will reopen on Monday as branches of First Citizens Bank and Trust Company, Inc. Depositors of Atlantic Bank and Trust will automatically become depositors of First Citizens Bank and Trust Company, Inc.

According to the FDIC, deposits will continue to be insured and advise customers of Atlantic Bank and Trust to continue to use their existing branch until they receive notice from First Citizens Bank and Trust Company, Inc. that it has completed systems changes to allow other First Citizens Bank and Trust Company, Inc. branches to process their accounts as well.

Friday evening and over the weekend, depositors of Atlantic Bank and Trust can access their money by writing checks or using ATM or debit cards. The FDIC press release states that checks drawn on the bank will continue to be processed and loan customers should continue to make their payments as usual. 

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