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Fed Reported Only Two Bank Failures in the First Four Month of 2016

People could count on two banks failing each week, maybe even more, after the financial crisis. But the time has changed now. When state and federal regulators closed Trust Company Bank in Memphis, Tennessee, on Friday, 29th April, it was only the second U.S. bank failure this year. The Bank of Fayette County in Piperton, Tennessee, agreed to assume Trust Company's four branches, all of its US$20.3 million in deposits as well as approximately US$3.9 million of the failed bank's US$20.7 million of assets.

The Bank of Fayette County is a division of the US$373.9 million-asset Moscow Bancshares. The resolution is expected to cost the Deposit Insurance Fund US$7.2 million, according to a press release by the Federal Deposit Insurance Corp. North Milwaukee State Bank was the first failure of 2016; the US$67.1 million-asset bank was shut down on March 11. The last bank to fail in Tennessee was Community South Bank in Parsons in August 2013.

News Characteristics

Date : Apr 29, 2016
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Market Risk