Regulators shut small Rosedale bank

by Associated Press

Published: June 4,2010

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.

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