Bank Failure
Bank of the West
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Closed March 9, 1989 · Austin, TX · FDIC Cert #25662.
- Closing date
- March 9, 1989
- Headquarters
- Austin, TX
- FDIC Certificate
- 25662
- Total assets at closing
- $46.7M
- Total deposits at closing
- $46.5M
- Estimated loss to the insurance fund
- $15.8M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- The Bank of the West
Context
On March 9, 1989, regulators closed Bank of the West, headquartered in Austin, TX. At closing, the institution held approximately $46.7M in assets and $46.5M in deposits. The FDIC record names The Bank of the West as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $15.8M.
By assets at closing this is the 1712th largest of the 3,526 bank failures in the FDIC record, and the 329th of 530 in 1989. 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 West fail?
Bank of the West was closed by regulators on March 9, 1989.
Who acquired Bank of the West?
The FDIC record names The Bank of the West as the acquiring institution in the resolution of Bank of the West.
How big was Bank of the West when it failed?
Bank of the West had approximately $46.7M in total assets and $46.5M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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