FDIC Friday ~ June 14, 2013
Posted: Sat Jun 15, 2013 7:35 pmFirst Tennessee Bank, National Association, Memphis, Tennessee, Assumes All of the Deposits of Mountain National Bank, Sevierville, Tennessee
As of March 31, 2013, Mountain National Bank had approximately $437.3 million in total assets and $373.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Tennessee Bank, National Association agreed to purchase essentially all of the failed bank's assets.
The FDIC estimates that cost to the Deposit Insurance Fund will be $33.5 million. Compared to other alternatives, First Tennessee Bank, National Association's acquisition was the least costly resolution for the FDIC's DIF. Mountain National Bank is the 16th FDIC-insured institution to fail in the nation this year, and the first in Tennessee. The last FDIC-insured institution closed in the state was The Farmers Bank of Lynchburg, on June 15, 2012.
As of March 31, 2013, Mountain National Bank had approximately $437.3 million in total assets and $373.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Tennessee Bank, National Association agreed to purchase essentially all of the failed bank's assets.
The FDIC estimates that cost to the Deposit Insurance Fund will be $33.5 million. Compared to other alternatives, First Tennessee Bank, National Association's acquisition was the least costly resolution for the FDIC's DIF. Mountain National Bank is the 16th FDIC-insured institution to fail in the nation this year, and the first in Tennessee. The last FDIC-insured institution closed in the state was The Farmers Bank of Lynchburg, on June 15, 2012.