Florida-based First National Bank of Crestview has been the first U.S. bank to go bankrupt in 2015. Despite the festivities during the vacation, in early January the U.S. Office of the Comptroller of the Currency issued a directive closing the bank operation. The information is confirmed in the press release of the Federal Deposit Insurance Corporation (FDIC). All available assets and deposit accounts will be transferred to First NBC Bank, New Orleans, Louisiana. As of September 30, 2013, First National Bank of Crestview reported approximately $79.7 million in total assets and $78.6 million in total deposits. All deposits of the former First National Bank of Crestview are being assumed by First NBC Bank as a part of the takeover and will continue to be insured by the FDIC in the full amount which is provided by the law. According to the estimates of the FDIC, the closure procedure of the lending institution will require $4.4 million. In the U.S., any deposit up to $250,000 is subject to mandatory insurance. In total, 6,589 American banks and saving institutions are involved in the insurance system. Last year, 18 financial institutions in the U.S. were declared bankrupt which is the lowest figure as compared to 24 ailing banks in 2003. In 2007, just 3 banks were terminated. In 2007, a number of failed banks was 157 making the highest ever print.