Capitol City Bank changes hands - WALB.com, South Georgia News, Weather, Sports

Capitol City Bank changes hands

ALBANY, GA (WALB) -

Capitol City Bank and Trust in Albany has a new owner. First Citizens Bank and trust will now handle all of the banks assets and transactions.

Customers can still access their accounts, write checks use bank cards and will continue to send loan payments to the same address until further notice.

Bank hours will remain the same. We spoke to some customers that are concerned about the change while others are not.

"I'm kinda heartbroken, cause I wasn't aware the bank was closing," said Jessica Watson. "Well I'd just rather go somewhere else."

"I have built a relationship with the individuals that work in the bank so I'm not really concerned about it. They are all good people," said Benjamin Grant.

Information from the Federal Deposit Insurance Corporation-

The FDIC says that Capitol City Bank & Trust Company, of Atlanta was closed Friday by the Georgia Department of Banking & Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Capitol City Bank & Trust Company.

The eight former branches of Capitol City Bank & Trust Company will reopen during normal business hours. The failed bank will operate as Capitol City Bank & Trust, a division of First-Citizens Bank & Trust Company. Depositors of Capitol City Bank & Trust Company will automatically become depositors of First-Citizens Bank & Trust Company. 

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 insurance coverage up to applicable limits. Customers of Capitol City Bank & Trust Company should continue to use their current branch until they receive notice from First-Citizens Bank & Trust Company that systems conversions have been completed to allow full-service banking at all branches of First-Citizens Bank & Trust Company.

Depositors of Capitol City Bank & Trust Company can continue to access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2014, Capitol City Bank & Trust Company had approximately $272.3 million in total assets and $262.7 million in total deposits. In addition to assuming all of the deposits of Capitol City Bank & Trust Company, First-Citizens Bank & Trust Company agreed to purchase essentially all of the failed bank's assets.

Customers with questions should call the FDIC toll-free at 1-800-895-3212.  Interested parties also can visit the FDIC's Web site at https://www.fdic.gov/bank/individual/failed/capitolcity.html .

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $88.9 million. Compared to other alternatives, First-Citizens Bank & Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Capitol City Bank & Trust Company is the third FDIC-insured institution in the nation to fail this year, and the first in Georgia. 

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