Bank failure · TN
The Bank of Loretto (Loretto, TN) — failed September 4, 1985
The Bank of Loretto of Loretto, Tennessee was closed on September 4, 1985 and resolved through a purchase and assumption. First Farmers&merchants (TN) took over its insured deposits. At failure it held $25.6M in assets and $24.8M in deposits. The FDIC's estimated loss on the failure is $3.9M (15.3% of assets).
- Closing date
- September 4, 1985
- FDIC certificate #
- 6096
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- First Farmers&merchants
- Insurance fund
- FDIC
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