OCC Appoints Receiver for Alabama Trust Bank N.A.

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Alabama Trust Bank N.A., Sylacauga, Alabama.  As of March 31, 2012, the bank had approximately $51.5 million of total assets.

The OCC acted after the bank had experienced substantial dissipation of assets and earnings due to unsafe or unsound practices.  The OCC also found that the bank is likely to incur losses that will deplete its capital, that the bank is critically undercapitalized, and there is no reasonable prospect that the bank will become adequately capitalized without federal assistance.

The FDIC will release information about the resolution of the bank.