Bank Failure
Cherokee Valley FSA
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Closed June 12, 1992 · Cleveland, TN · FDIC Cert #29084.
- Closing date
- June 12, 1992
- Headquarters
- Cleveland, TN
- FDIC Certificate
- 29084
- Total assets at closing
- $142.5M
- Total deposits at closing
- $124.4M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $347 is not consistent with a failure of this size)
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On June 12, 1992, regulators closed Cherokee Valley FSA, headquartered in Cleveland, TN. At closing, the institution held approximately $142.5M in assets and $124.4M in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named.
By assets at closing this is the 977th largest of the 3,526 bank failures in the FDIC record, and the 72nd of 179 in 1992. 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 Cherokee Valley FSA fail?
Cherokee Valley FSA was closed by regulators on June 12, 1992.
How big was Cherokee Valley FSA when it failed?
Cherokee Valley FSA had approximately $142.5M in total assets and $124.4M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
Explore: all failures · TN bank events · 1992 events · events hub