Southern States Bank announced today that it has entered into a Purchase and Assumption Agreement with the Federal Deposit Insurance Corporation (FDIC) as a whole bank transaction to purchase substantially all of the assets and to assume all of the deposits of Alabama Trust Bank, N.A., a nationally chartered bank, with one office located in Sylacauga, Alabama.
At the close of business on Friday, May 18, 2012, Alabama Trust Bank, N.A. was closed by the Office of the Comptroller of the Currency and the FDIC was named as Receiver. Simultaneously Southern States Bank assumed all of the deposits and purchased substantially all of the assets.
To protect depositors, deposit customers of Alabama Trust Bank, N.A. will automatically become depositors of Southern States Bank. Alabama Trust Bank, N.A. will reopen on Monday, May 21, 2012 as a branch of Southern States Bank with normal banking hours. Depositors will be able to conduct business as usual. Former Alabama Trust Bank, N.A. customers can access their money by writing checks, using ATMs, debit cards or the Internet. Checks drawn on the bank will continue to be accepted. Loan customers should continue to make their payments as usual.
Southern States Bank CEO Steve Whatley commented, “We are pleased to welcome the customers of Alabama Trust Bank, N.A. to the Southern States Bank family and want to assure all customers of Alabama Trust Bank, N.A. that all of their deposits are safe and accessible and that they will continue to be served by their local bankers and have access to the best financial products and services available.”
“As a bank strongly focused on financial strength, relationships and top-notch customer service, we look forward to getting to know our new customers from Alabama Trust Bank, N.A. We feel that strong banking makes for strong communities and look forward to the opportunity to support our new customers going forward,” Whatley said.
Alabama Trust Bank, N.A. deposit customers will receive a letter providing additional details concerning their accounts and are encouraged to
call 256-245-6099 for additional information.