UNITED MERCANTILE BANK Failed 1988

What happened

UNITED MERCANTILE BANK of SHREVEPORT, LA was closed on 1988-01-21. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to HIBERNIA NATIONAL BANK (NEW ORLEANS, LA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1606

FDIC Certificate

20650

FDIC FIN

2776

Bank name

UNITED MERCANTILE BANK

Location

SHREVEPORT, LA

Failure date

1988-01-21

FDIC resolution date

1988-01-21

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.)

$26M

Deposits at failure

$78M

Assets at failure

$86M

Acquiring bank

HIBERNIA NATIONAL BANK (NEW ORLEANS, LA)

Other banks HIBERNIA NATIONAL BANK acquired in FDIC resolutions

• LIVINGSTON BANK (DENHAM SPRINGS, LA) — failed 1989-03-16
• LOUISIANA BANK & TRUST COMPANY (SHREVEPORT, LA) — failed 1989-02-16
• THE NATIONAL BANK OF BOSSIER CITY (BOSSIER CITY, LA) — failed 1989-01-12
• FIRST NATIONAL BANK (COVINGTON, LA) — failed 1988-11-18
• NATIONAL FIDELITY BANK OF SHREVEPORT (SHREVEPORT, LA) — failed 1988-07-28
• HUB CITY BANK & TRUST COMPANY (LAFAYETTE, LA) — failed 1987-02-20