Bank failure · LA
American Bank in Louisiana (Morgan City, LA) — failed December 10, 1987
American Bank in Louisiana of Morgan City, Louisiana was closed on December 10, 1987 and resolved through a purchase and assumption. St Mary Bank&trust Co (LA) took over its insured deposits. At failure it held $15.0M in assets and $14.6M in deposits. The FDIC's estimated loss on the failure is $4.0M (26.3% of assets).
- Closing date
- December 10, 1987
- FDIC certificate #
- 22990
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- St Mary Bank&trust Co
- Insurance fund
- FDIC
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