Bank Failure
Bank of the Northwest
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Closed November 10, 1988 · Woodward, OK · FDIC Cert #23192.
- Closing date
- November 10, 1988
- Headquarters
- Woodward, OK
- FDIC Certificate
- 23192
- Total assets at closing
- $19.5M
- Total deposits at closing
- $18.0M
- Estimated loss to the insurance fund
- $4.6M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of Woodward
Context
On November 10, 1988, regulators closed Bank of the Northwest, headquartered in Woodward, OK. At closing, the institution held approximately $19.5M in assets and $18.0M in deposits. The FDIC record names Bank of Woodward as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $4.6M.
By assets at closing this is the 2361st largest of the 3,526 bank failures in the FDIC record, and the 157th of 232 in 1988. 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 the Northwest fail?
Bank of the Northwest was closed by regulators on November 10, 1988.
Who acquired Bank of the Northwest?
The FDIC record names Bank of Woodward as the acquiring institution in the resolution of Bank of the Northwest.
How big was Bank of the Northwest when it failed?
Bank of the Northwest had approximately $19.5M in total assets and $18.0M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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