FDIC cost shows extent of Tennessee Commerce woes [1]
So just how bad were things at Tennessee Commerce? One quick way to analyze the state of affairs there is to compare how much its failure [2] will cost the Federal Deposit Insurance Fund relative to the bank's size. Since the beginning of November, regulators have closed down 13 other lenders [3] with Sept. 30 deposits of $2.37 billion. Those failures will cost the FDIC's deposit insurance fund $650 million, which amounts to 27.5 percent of deposits. But when it comes to Tennessee Commerce, the FDIC fund is paying $417 million, which comes to 36.1 percent of the bank's Sept. 30 deposits.
- Area Stocks [4]
- Finance [5]
- Tennessee Commerce Bancorp Inc. [6]
- bank failures [7]
- distressed assets [8]
- Federal Deposit Insurance Corp. [9]
- Banking [10]
- Commercial banking [11]