News Contents: Atlantic Bank & Trust

2011-07-05

Atlantic Bank & Trust

First Citizens Bank of South Carolina

First Citizens Bank of South Carolina is a subsidiary of First Citizens Bancorporation, Inc. (OTCBB: FCBN), a bank holding company based in Columbia, South Carolina with over $6 billion in assets. First Citizens has branches in South Carolina and Georgia. It is the largest commercial bank headquartered in South Carolina.

History

In 1913, The Homestead Bank was founded in Columbia, South Carolina, and later became Commercial Bank and Trust Company of South Carolina. In 1964, the Holding brothers—Frank, Lewis and Robert, who were part owners of First Citizens Bank and Trust of North Carolina--acquired a controlling interest in Anderson Bank of Dillon, South Carolina, which had one location and sixteen employees. Over the years, Anderson Bank grew, changing its name to Citizens Bank of South Carolina in 1968. Commercial Bank and Trust merged with Citizens Bank, becoming First Citizens Bank and Trust Company of South Carolina, headquartered in Columbia.

In 1995, First Citizens acquired Summerville National Bank. In 2002, First Citizens entered Georgia by buying Citizens Bank, and added other Georgia operations with First Bank and Trust and The Bank of Toccoa in 2003. In 2005, First Citizens bought Greenville-based Summit Financial Corporation and People's Community Bank in Aiken.

On June 3, 2011, Charleston, South Carolina-based Atlantic Bank & Trust became the first bank to fail in that area since 1992. The three offices reopened June 6 as First Citizens branches. Atlantic Bank had $208 million in assets, $191 million in retail deposits, and three locations--Charleston, Myrtle Beach, and Savannah, Georgia.