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First Tennessee Bank Assumes Deposits of Mountain National

 

June 10 - Mountain National Bank, Sevierville, Tenn., has been closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Tennessee Bank, National Association, Memphis, Tenn., to assume all of the deposits of Mountain National Bank.

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.

Customers with questions about the transaction should call the FDIC toll-free at 800-356-1848. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/mountain-tn.html.

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.

 


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