Regulators shut small Rosedale bank
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- Bids on reworking Interstate 55 stretch are rejected
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- Two new casinos like the odds on Mississippi Gulf Coast
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur
- The leadership styles of President Obama
- JACK WEATHERLY: Finding a house, defending a neighborhood, finding a voice
- Report ranks state schools' performance 51st in the nation
- Nehi Bottling Company has been a Cleveland fixture for 85 years