FDIC Open-Bank Assistance
Bank of Commerce
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Assistance provided November 26, 1986 · Morristown, TN · FDIC Cert #15409.
- Assistance date
- November 26, 1986
- Headquarters
- Morristown, TN
- FDIC Certificate
- 15409
- Total assets at the time
- $66.6M
- Total deposits at the time
- $64.7M
- Estimated loss to the insurance fund
- $11.3M
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Bankof East Tennessee
Context
On November 26, 1986, the FDIC provided open-bank assistance to Bank of Commerce, headquartered in Morristown, TN. The institution continued operating. At the time it held approximately $66.6M in assets and $64.7M in deposits. The FDIC record names Bankof East Tennessee as the acquiring institution in the assisted transaction. The estimated cost to the FDIC insurance fund was approximately $11.3M.
The FDIC record for 1986 holds 162 failures and 42 open-bank assistance transactions. 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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did the FDIC provide assistance to Bank of Commerce?
Bank of Commerce received FDIC open-bank assistance on November 26, 1986; it did not fail.
How big was Bank of Commerce at the time of assistance?
Bank of Commerce had approximately $66.6M in total assets and $64.7M in deposits at the time of assistance.
Bank failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
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