City of Kenner’s finances make jump from FNBC to Whitney
KENNER, La. – The City of Kenner’s financial accounts took an unexpected journey when Whitney Bank took over First NBC Bank late last week.
The merger, which was accompanied by hastily erected Whitney signs outside all 29 First NBC branches across the metro area, came as a shock to most observers.
Kenner’s finances, however, remain solid, according to Kenner Mayor Ben Zahn.
“Our bank holdings with First NBC were collateralized for 10 percent over the total bank balance,” Zahn said. “This will have no impact at all on individual employees or city government. Our accounts are simply now with another institution.”
The city’s conservative approach coupled with federal protection from the Federal Deposit Insurance Corporation helped insure a smooth transition, Zahn said.
All transactional deposit accounts with First NBC at the time of the closing were automatically transferred to Whitney Bank, including commercial and individual accounts.
Customers looking for more information can go to https://www.fdic.gov/bank/individual/failed/firstnbc.html or call the FDIC at 1-800-913-3062.