The Nation - News from July 7, 1985

The First National Bank of Jacksonville, Ala., was declared insolvent due to “fraud--major defalcation,” a federal bank official said. The closure was ordered by Michael Patriaca, the Treasury Department’s deputy comptroller of currency, who cited “fraudulent loans” and bad management, said David R. Bufton, spokesman for the Federal Deposit Insurance Corp. AmSouth Bancorporation bought the assets of the bank, which will reopen Monday as AmSouth Bank of Jacksonville. It was the 54th bank to fail in the nation this year.