As of July 23, 2010, the Williamsburg First National Bank in Kingstree, South Carolina, is one of the latest U.S. failed banks. The Williamsburg FNB was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named beneficiary. Advance notice is not given to the public when a financial institution is stopped up. Depositors of Williamsburg First National Bank will automatically become depositors of First Citizens Bank and Trust Company, Inc. The five former Williamsburg FNB locations reopened as branches of First Citizens Bank on Monday, July 26, 2010, during regular business hours. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit affordable health insurance coverage. Customers of Williamsburg First National Bank should continue to use their existing branch until they receive notice from First Citizens Bank and Trust Company that it has completed systems changes to allow other First Citizens branches to process their accounts as well. As of March 31, 2010, Williamsburg First National Bank had approximately $139.3 million in total assets and $134.3 million in total deposits. First Citizens Bank and Trust Company will pay the FDIC a premium of 0.5 percent to assume all of the deposits of Williamsburg First National Bank. In addition to assuming all of the deposits of the failed bank, First Citizens Bank and Trust Company, Inc. agreed to purchase mostly all of the assets.
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