Bank Failure
Colonial Bank
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Closed January 14, 1988 · New Orleans, LA · FDIC Cert #19779.
- Closing date
- January 14, 1988
- Headquarters
- New Orleans, LA
- FDIC Certificate
- 19779
- Total assets at closing
- $50.2M
- Total deposits at closing
- $50.4M
- Estimated loss to the insurance fund
- $3.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Pontchartrain State Bank
Context
On January 14, 1988, regulators closed Colonial Bank, headquartered in New Orleans, LA. At closing, the institution held approximately $50.2M in assets and $50.4M in deposits. The FDIC record names Pontchartrain State Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $3.4M.
By assets at closing this is the 1651st largest of the 3,526 bank failures in the FDIC record, and the 90th 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 Colonial Bank fail?
Colonial Bank was closed by regulators on January 14, 1988.
Who acquired Colonial Bank?
The FDIC record names Pontchartrain State Bank as the acquiring institution in the resolution of Colonial Bank.
How big was Colonial Bank when it failed?
Colonial Bank had approximately $50.2M in total assets and $50.4M 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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