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Tennessee Bank Collapses Over Weekend

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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About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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