Not that long ago you could count on two banks failing each week. Maybe more.

But times have changed. When state and federal regulators closed Trust Company Bank in Memphis, Tenn., on Friday, it was only the second U.S. bank failure this year.

The Bank of Fayette County in Piperton, Tenn., agreed to assume Trust Company's four branches, all of its $20.3 million in deposits as well as approximately $3.9 million of the failed bank's $20.7 million of assets.

The Bank of Fayette County is a division of the $373.9 million-asset Moscow Bancshares.

The resolution is expected to cost the Deposit Insurance Fund $7.2 million, according to a press release by the Federal Deposit Insurance Corp.

North Milwaukee State Bank was the first failure of 2016; the $67.1 million-asset bank was shut down March 11.

The last bank to fail in Tennessee was Community South Bank in Parsons in August 2013.

 

 

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