Regulators close small Tennessee bank

AP News
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Posted: Apr 29, 2016 6:49 PM

NEW YORK (AP) — Regulators are closing a small Tennessee bank, marking the second failure of a federally insured bank this year.

The Federal Deposit Insurance Corp. said that Trust Co. Bank of Memphis, Tennessee, was closed Friday,

As of Dec. 31, Trust Co. Bank had about $20.7 million in total assets and $20.3 million in total deposits. It operated four branches.

The Bank of Fayette County of Piperton, Tennessee, agreed to buy about $3.9 million of the failed bank's assets and assume all of its deposits.

The failure is expected to cost the FDIC $7.2 million.

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Online: https://www.fdic.gov/news/news/press/2016/pr16034.html