Bank Failure
Bank of Salem
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Closed April 5, 1971 · Salem, NE · FDIC Cert #8332.
- Closing date
- April 5, 1971
- Headquarters
- Salem, NE
- FDIC Certificate
- 8332
- Total assets at closing
- $679K
- Total deposits at closing
- $606K
- 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 April 5, 1971, regulators closed Bank of Salem, headquartered in Salem, NE. At closing, the institution held approximately $679K in assets and $606K in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 3153rd largest of the 3,526 bank failures in the FDIC record, and the 6th of 6 in 1971. 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 Bank of Salem fail?
Bank of Salem was closed by regulators on April 5, 1971.
How big was Bank of Salem when it failed?
Bank of Salem had approximately $679K in total assets and $606K in deposits at the time of failure.
Other failures in 1971
| Date | Bank | Assets |
|---|---|---|
| Dec 30, 1971 | First Community State Bank of Savannah | $3.7M |
| Nov 30, 1971 | The First National Bank of Cripple Creek | $1.3M |
| Feb 17, 1971 | Farmers State Bank of Carlock | $2.2M |
| Feb 16, 1971 | Birmingham-Bloomfield Bank | $109.7M |
| Jan 25, 1971 | Sharpstown State Bank | $78.9M |
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