Bank Failure
Citadel Bank
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Closed March 21, 1991 · Willis, TX · FDIC Cert #10331.
- Closing date
- March 21, 1991
- Headquarters
- Willis, TX
- FDIC Certificate
- 10331
- Total assets at closing
- $21.9M
- Total deposits at closing
- $21.6M
- Estimated loss to the insurance fund
- $5.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Tomball National Bank
Context
On March 21, 1991, regulators closed Citadel Bank, headquartered in Willis, TX. At closing, the institution held approximately $21.9M in assets and $21.6M in deposits. The FDIC record names Tomball National Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.7M.
By assets at closing this is the 2274th largest of the 3,526 bank failures in the FDIC record, and the 230th 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 Citadel Bank fail?
Citadel Bank was closed by regulators on March 21, 1991.
Who acquired Citadel Bank?
The FDIC record names Tomball National Bank as the acquiring institution in the resolution of Citadel Bank.
How big was Citadel Bank when it failed?
Citadel Bank had approximately $21.9M in total assets and $21.6M 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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