Bank Failure
Cardinal Savings Bank
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Closed May 13, 1988 · Newport, NC · FDIC Cert #32463.
- Closing date
- May 13, 1988
- Headquarters
- Newport, NC
- FDIC Certificate
- 32463
- Total assets at closing
- $93.9M
- Total deposits at closing
- $92.8M
- Estimated loss to the insurance fund
- $27.5M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
Context
On May 13, 1988, regulators closed Cardinal Savings Bank, headquartered in Newport, NC. At closing, the institution held approximately $93.9M in assets and $92.8M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $27.5M.
By assets at closing this is the 1238th largest of the 3,526 bank failures in the FDIC record, and the 65th 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 Cardinal Savings Bank fail?
Cardinal Savings Bank was closed by regulators on May 13, 1988.
How big was Cardinal Savings Bank when it failed?
Cardinal Savings Bank had approximately $93.9M in total assets and $92.8M 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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