Bank Failure
Algoma Bank
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Closed May 30, 1975 · Algoma, WI · FDIC Cert #15154.
- Closing date
- May 30, 1975
- Headquarters
- Algoma, WI
- FDIC Certificate
- 15154
- Total assets at closing
- $5.2M
- Total deposits at closing
- $4.8M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
Context
On May 30, 1975, regulators closed Algoma Bank, headquartered in Algoma, WI. At closing, the institution held approximately $5.2M in assets and $4.8M in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 2985th largest of the 3,526 bank failures in the FDIC record, and the 11th of 13 in 1975. It falls in the period the record labels Postwar Stability (1945-1979), a period with 161 failures peaking at 16 in 1976.
Three decades of regulated calm — Reg Q ceilings, geographic branching limits, and high industry profits kept failures rare.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Algoma Bank fail?
Algoma Bank was closed by regulators on May 30, 1975.
How big was Algoma Bank when it failed?
Algoma Bank had approximately $5.2M in total assets and $4.8M in deposits at the time of failure.
Other failures in 1975
| Date | Bank | Assets |
|---|---|---|
| Dec 27, 1975 | The First State Bank of Jennings | $2.9M |
| Dec 19, 1975 | The Peoples Bank | $5.7M |
| Oct 24, 1975 | The Peoples Bank of the Virgin Islands | $14.9M |
| Oct 21, 1975 | American City Bank & Trust Company, N.A. | $147.6M |
| Oct 16, 1975 | Astro Bank | $5.5M |
| Jul 12, 1975 | State Bank of Clearing | $74.4M |
| Jul 1, 1975 | Bank of Chidester | $2.4M |
| Jun 18, 1975 | Bank of Picayune | $18.0M |
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