Failed Bank List

Closed Friday, June 3, 2011 · Charleston, Charleston County, South Carolina

Atlantic Bank and Trust

Atlantic Bank and Trust failed four years after it opened in 2007. In the three years to the first quarter of 2010, its assets grew 594%. It lost money in every one of the five reporting years on file before it closed.

On the books, 2007 to 2011

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$80M$160M$240M$320M200820092010Closed
Total assets peaked at $284 million and were 27% lower at the final report. Equity capital went from 85% of assets in the first quarter of 2007 to 1.4% at the last report. By then 27% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $17.6 million, was booked in 2010.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end−$20M2007: −$2.9 million200737%2008: −$2.9 million200817%2009: −$6.9 million20099.1%2010: −$17.6 million20103.0%2011: −$4.4 million2011*1.4%
* 2011: January to March only, the last report before closing.

Size against the other 2011 failures

Total assets of the 92 banks that failed in 2011, log scale$10M$100M$1B$10B
Total assets of each 2011 failure, log scale; Atlantic Bank and Trust in red.

By assets it ranked 44th of the 92 failures in 2011. Within South Carolina it ranks tenth by size of the 21 failures recorded since 1934. Across the failures of 2011, the median estimated loss came to 23% of assets. In the size ranking of that year, just above it was Old Harbor Bank of Clearwater, Florida ($209 million, loss 13% of assets); just below, The Bank of Asheville of Asheville, North Carolina ($205 million, loss 21% of assets). Every 2011 failure in the explorer.

Failures in South Carolina

It was one of three banks in South Carolina to fail in 2011. The previous failure there was CommunitySouth Bank and Trust of Easley, on January 21, 2011. The next was BankMeridian, N.A. of Columbia, on July 29, 2011. Charleston County has 4 failed banks on FDIC record since 1934. The others: Cooper River Federal Savings Bank (1992), Citadel Federal Savings Bank (1992), Carolina Federal Savings Bank (2012).

Bank failures in South Carolina per year, 1980 to 2026012341989: 21991: 21992: 31999: 12010: 42011: 32012: 22014: 119801990200020102020
Per year since 1980, 2011 in red. Every South Carolina failure

The acquiring bank

First Citizens Bank and Trust Company, Inc. of Columbia, South Carolina took over three failed banks between 2000 and 2026. The others:

  • Georgian BankAtlanta, GA · September 25, 2009
  • Williamsburg First National BankKingstree, SC · July 23, 2010

FDIC certificate 58420 · loss estimate as of July 31, 2026 · How to read this page