Home » NEWS » Banking & Finance » Regulators shut small Rosedale bank

Regulators shut small Rosedale bank

WASHINGTON — Regulators have shut down a small bank in Mississippi, boosting the number of U.S. bank failures this year to 79.

The Federal Deposit Insurance Corp. on Friday took over First National Bank, based in Rosedale with $60.4 million in assets. Jefferson Bank, based in Fayette, Miss., agreed to acquire the assets and deposits of the failed bank.

In addition, the FDIC and Jefferson Bank agreed to share losses on $43.5 million of First National Bank’s loans and other assets.

The failure of First National Bank is expected to cost the deposit insurance fund $12.6 million.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *

*