WASHINGTON -- The Federal Deposit Insurance Corp. approved assumption by Trustmark National Bank of another Mississippi bank's deposits.

The failed Foxworth Bank's three branches reopened as branches of Jackson-based Trustmark National, a subsidiary of the $4 billion-asset Trustmark Corp.

Foxworth Bank, which had $37.4 million in assets, was closed Aug. 7 by Joseph H. Neely 2d, the Mississippi bank commissioner. He named the FDIC as receiver.

Trustmark National will assume about $36.1 million in 5,700 deposit accounts for a premium of $450,000 and will purchase $16.7 million of the assets. The FDIC said it would advance $19 million to Trustmark to facilitate the transaction.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.