First NBC Bank fails, ordered closed; will be absorbed by Whitney Bank
The beleaguered First NBC Bank was abruptly ordered closed by state regulators Friday, and it will be acquired by Whitney Bank, officials announced.
The Federal Deposit Insurance Corp., which is responsible for insuring bank deposits, was named receiver of the failed community bank.
It “immediately transferred” all the bank’s "transactional deposit" accounts to Whitney, according to a news release from the state Office of Financial Institutions, which made the decision to close the bank.
Transactional deposit accounts include checking, savings, money market and NOW accounts.