Bank failure · LA

First Progressive Bank (Metairie, LA) — failed January 17, 1986

First Progressive Bank of Metairie, Louisiana was closed on January 17, 1986 and resolved through a purchase and assumption. First Industrial B&t Co (LA) took over its insured deposits. At failure it held $39.4M in assets and $37.9M in deposits. The FDIC's estimated loss on the failure is $15.6M (39.5% of assets).