Data / Bank failures / 1991 / Mercantile Savings Bank
Mercantile Savings Bank, Southaven, MS: failed April 19, 1991
Mercantile Savings Bank in Southaven, Mississippi, failed on April 19, 1991. First TN Bank NA, MS of Southaven, MS, took over its deposits. It held $33.8 million in assets and $34 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $9.1 million (27% of its assets). By assets it was the 198th largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- April 19, 1991
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First TN Bank NA, MS, Southaven, MS
- Total assets
- $33,779,000
- Total deposits
- $33,995,000
- Estimated cost to the FDIC
- $9,120,544 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 31914
Other bank failures in Mississippi, 1989 to 1993
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Security FS & La | Jackson | October 16, 1992 | $276.5 million | $271.4 million | $42.6 million | |
| Foxworth Bank | Foxworth | August 7, 1992 | $36.5 million | $36 million | $5.4 million | Trustmark National Bank |
| Peoples Federal Savings Bank | Bay ST. Louis | February 8, 1991 | $59.7 million | $53.9 million | $2.1 million | Hancock Bank |
| First City FSB | Lucedale | September 7, 1990 | $41.7 million | $38 million | $9 million | Magnolia FB for Savings |
| Charter Bank, A FSB | Hattiesburg | July 20, 1990 | $130.8 million | $68.9 million | $22.6 million | |
| First Jackson FSB | Jackson | June 29, 1990 | $116.5 million | $91.4 million | $22 million | Trustmark NB |
| Southern Federal Bank for Savings | Gulfport | June 22, 1990 | $142.8 million | $93.9 million | $35 million | |
| Mississippi Savings Bank, FSB | Batesville | May 8, 1990 | $172.3 million | $148.7 million | $16.3 million |
All bank failures in 1991 · All bank failures in Mississippi · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.