Bank Failure
Bank of Quitman
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Closed November 12, 1982 · Quitman, AR · FDIC Cert #12527.
- Closing date
- November 12, 1982
- Headquarters
- Quitman, AR
- FDIC Certificate
- 12527
- Total assets at closing
- $17.4M
- Total deposits at closing
- $16.3M
- Estimated loss to the insurance fund
- $1.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First NB of Cleburne Cou
Context
On November 12, 1982, regulators closed Bank of Quitman, headquartered in Quitman, AR. At closing, the institution held approximately $17.4M in assets and $16.3M in deposits. The FDIC record names First NB of Cleburne Cou as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $1.4M.
By assets at closing this is the 2446th largest of the 3,526 bank failures in the FDIC record, and the 15th of 34 in 1982. 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 Bank of Quitman fail?
Bank of Quitman was closed by regulators on November 12, 1982.
Who acquired Bank of Quitman?
The FDIC record names First NB of Cleburne Cou as the acquiring institution in the resolution of Bank of Quitman.
How big was Bank of Quitman when it failed?
Bank of Quitman had approximately $17.4M in total assets and $16.3M in deposits at the time of failure.
Other failures in 1982
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1982 | The Security State Bank | $11.6M |
| Dec 10, 1982 | Bollinger County Bank | $15.9M |
| Nov 19, 1982 | North Kansas Sa | $36.5M |
| Nov 19, 1982 | Ranchlander National Bank | $4.3M |
| Nov 5, 1982 | The First National Bank of South Charlesto | $28.6M |
| Nov 5, 1982 | Texas BK of Amarillo | $13.1M |
| Nov 2, 1982 | Cedar Bluff Bank | $13.7M |
| Oct 8, 1982 | Tri-State Bank | $16.3M |
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