Bank Failure
Citizens National Bank and Trust
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Closed January 29, 1991 · Chicago, IL · FDIC Cert #16428.
- Closing date
- January 29, 1991
- Headquarters
- Chicago, IL
- FDIC Certificate
- 16428
- Total assets at closing
- $18.8M
- Total deposits at closing
- $19.2M
- Estimated loss to the insurance fund
- $2.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Bank of Oak Park
Context
On January 29, 1991, regulators closed Citizens National Bank and Trust, headquartered in Chicago, IL. At closing, the institution held approximately $18.8M in assets and $19.2M in deposits. The FDIC record names First Bank of Oak Park as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $2.6M.
By assets at closing this is the 2389th largest of the 3,526 bank failures in the FDIC record, and the 239th 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 Citizens National Bank and Trust fail?
Citizens National Bank and Trust was closed by regulators on January 29, 1991.
Who acquired Citizens National Bank and Trust?
The FDIC record names First Bank of Oak Park as the acquiring institution in the resolution of Citizens National Bank and Trust.
How big was Citizens National Bank and Trust when it failed?
Citizens National Bank and Trust had approximately $18.8M in total assets and $19.2M 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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