Bank Failure
Century Federal Savings
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Closed May 3, 1991 · Chicago, IL · FDIC Cert #30370.
- Closing date
- May 3, 1991
- Headquarters
- Chicago, IL
- FDIC Certificate
- 30370
- Total assets at closing
- $25.9M
- Total deposits at closing
- $24.4M
- Estimated loss to the insurance fund
- $1.3M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Metropolitan B&TC
Context
On May 3, 1991, regulators closed Century Federal Savings, headquartered in Chicago, IL. At closing, the institution held approximately $25.9M in assets and $24.4M in deposits. The FDIC record names Metropolitan B&TC as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $1.3M.
By assets at closing this is the 2159th largest of the 3,526 bank failures in the FDIC record, and the 219th of 268 in 1991. 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 Century Federal Savings fail?
Century Federal Savings was closed by regulators on May 3, 1991.
Who acquired Century Federal Savings?
The FDIC record names Metropolitan B&TC as the acquiring institution in the resolution of Century Federal Savings.
How big was Century Federal Savings when it failed?
Century Federal Savings had approximately $25.9M in total assets and $24.4M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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