FIRST NATIONAL BANK OF JACKSON Failed 1990

What happened

FIRST NATIONAL BANK OF JACKSON of JACKSON, TN was closed on 1990-10-25. The FDIC was named receiver.

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

Deposits were transferred to FIRST TENNESSEE BANK, NATIO (MEMPHIS, TN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

2925

FDIC Certificate

4976

FDIC FIN

4288

Bank name

FIRST NATIONAL BANK OF JACKSON

Location

JACKSON, TN

Failure date

1990-10-25

FDIC resolution date

1990-10-25

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$5M

Deposits at failure

$70M

Assets at failure

$74M

Acquiring bank

FIRST TENNESSEE BANK, NATIO (MEMPHIS, TN)