In the largest U.S. bank failure since 2010, New Orleans-based First NBC Bank Holding Co. filed for Chapter 11 protection in its home city Thursday. The community bank, created in the aftermath of Hurricane Katrina, went public in 2013.
But in April, First NBC failed, with the Federal Deposit Insurance Corp. stepping in to serve as receiver, as a sale of the beleaguered bank’s assets was brokered to Gulfport, Mississippi-based Whitney Bank. Baton Rouge, Louisiana-based Steffes, Vingiello & McKenzie has been retained by First NBC to handle its bankruptcy case. Court filings by the firm show it has so far received $30,000 for its efforts in the matter, but the debtor has also accrued more sizeable legal bills.
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