Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Regulators are closing a small Tennessee bank, marking the second failure of a federally insured bank this year.
The Federal Deposit Insurance Corp. said that Trust Co. Bank of Memphis, Tennessee, was closed Friday,
As of Dec. 31, Trust Co. Bank had about $20.7 million in total assets and $20.3 million in total deposits. It operated four branches.
The Bank of Fayette County of Piperton, Tennessee, agreed to buy about $3.9 million of the failed bank's assets and assume all of its deposits.
The failure is expected to cost the FDIC $7.2 million.
_____
Online: https://www.fdic.gov/news/news/press/2016/pr16034.html
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
