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The weekend saw more bad news from FDIC: the closure of a Tennessee bank, bringing the nation's year-to-date total to 16.
The ""Office of the Comptroller of the Currency"":http://www.occ.gov/ (OCC) closed Mountain National Bank, of Sevierville, Tennessee, appointing ""FDIC"":http://fdic.gov/ as receiver. To protect depositors, an agreement has been made with ""First Tennessee Bank, National Association"":https://www.firsttennessee.com/ (Memphis) to assume all of the failed bank's $373.4 million in deposits and to purchase essentially all of its $437.3 million in total assets.
FDIC estimates the cost to the Deposit Insurance Fund will be $33.5 million. Mountain National Bank is the first Tennessee-based insured institution to collapse this year; the last failure in the state was in June 2012.
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