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Tennessee Bank Failure Is 16th Of 2013

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WASHINGTON (6/11/13)--One bank closed Friday, which brings this year's total of failed U.S. banks to 16, the Federal Deposit Insurance Corp. announced Friday.

The National Credit Union Administration has closed nine banks so far this year.

Mountain National Bank, Sevierville, Tenn., was closed and assumed by First Tennessee Bank, N.A., Memphis, Tenn.

As of March 31, Mountain National Bank had roughly $437.3 million in total assets and $373.4 million in total deposits.    

The cost to the Deposit Insurance Fund will be $33.5 million, the FDIC estimated.