FDIC Open-Bank Assistance
Bank of the Commonwealth
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Assistance provided January 18, 1972 · Detroit, MI .
- Assistance date
- January 18, 1972
- Headquarters
- Detroit, MI
- Total assets at the time
- $1.30B
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this transaction)
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
Context
On January 18, 1972, the FDIC provided open-bank assistance to Bank of the Commonwealth, headquartered in Detroit, MI. The institution continued operating. At the time it held approximately $1.30B in assets. No acquirer was involved; the institution remained independent.
The FDIC record for 1972 holds 1 failure and 1 open-bank assistance transaction. 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 the FDIC provide assistance to Bank of the Commonwealth?
Bank of the Commonwealth received FDIC open-bank assistance on January 18, 1972; it did not fail.
How big was Bank of the Commonwealth at the time of assistance?
Bank of the Commonwealth had approximately $1.30B in total assets at the time of assistance.
Bank failures in 1972
| Date | Bank | Assets |
|---|---|---|
| May 27, 1972 | Surety Bank and Trust Company | $22.1M |
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