FIRST PROGRESSIVE BANK Failed 1986
What happened
FIRST PROGRESSIVE BANK of METAIRIE, LA was closed on 1986-01-17. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to FIRST INDUSTRIAL B&T CO (METAIRIE, LA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1134
- FDIC Certificate
- 21722
- FDIC FIN
- 2530
- Bank name
- FIRST PROGRESSIVE BANK
- Location
- METAIRIE, LA
- Failure date
- 1986-01-17
- FDIC resolution date
- 1986-01-17
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $16M
- Deposits at failure
- $38M
- Assets at failure
- $39M
- Acquiring bank
- FIRST INDUSTRIAL B&T CO (METAIRIE, LA)