FDIC revised its loss estimate in a bank failure.
- Share via
The federal insurance agency said it now expects to lose $395 million from the 1983 collapse of Jake Butcher’s United American Bank of Knoxville, Tenn. The figure was more than seven times what FDIC officials first estimated. “We found more fraud than we expected and the assets were worse than we expected,” an FDIC spokesman said.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
