Bank Failure
American Bank and Trust
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Closed June 18, 1993 · San Jose, CA · FDIC Cert #21560.
- Closing date
- June 18, 1993
- Headquarters
- San Jose, CA
- FDIC Certificate
- 21560
- Total assets at closing
- $35.6M
- Total deposits at closing
- $34.6M
- Estimated loss to the insurance fund
- $5.5M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of Santa Clara
Context
On June 18, 1993, regulators closed American Bank and Trust, headquartered in San Jose, CA. At closing, the institution held approximately $35.6M in assets and $34.6M in deposits. The FDIC record names Bank of Santa Clara as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.5M.
By assets at closing this is the 1897th largest of the 3,526 bank failures in the FDIC record, and the 31st of 50 in 1993. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did American Bank and Trust fail?
American Bank and Trust was closed by regulators on June 18, 1993.
Who acquired American Bank and Trust?
The FDIC record names Bank of Santa Clara as the acquiring institution in the resolution of American Bank and Trust.
How big was American Bank and Trust when it failed?
American Bank and Trust had approximately $35.6M in total assets and $34.6M in deposits at the time of failure.
Other failures in 1993
| Date | Bank | Assets |
|---|---|---|
| Nov 5, 1993 | Century Thrift and Loan | $31.9M |
| Oct 29, 1993 | The Bank of San Diego | $294.3M |
| Oct 21, 1993 | Mid City Bank, N.A. | $105.7M |
| Oct 15, 1993 | Brentwood Thrift and Loan Association | $12.9M |
| Oct 14, 1993 | Plaza Bank, N.A. of New Braunfels | $54.6M |
| Sep 24, 1993 | Westside Bank, FSB | $81.7M |
| Sep 24, 1993 | Western United National Bank | $23.7M |
| Sep 17, 1993 | Regent Thrift and Loan Association | $35.8M |
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