Bank Failure
Columbus Trust Company
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Closed July 24, 1948 · Newark, NJ .
- Closing date
- July 24, 1948
- Headquarters
- Newark, NJ
- Total assets at closing
- $7.9M
- Total deposits at closing
- $7.9M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
Context
On July 24, 1948, regulators closed Columbus Trust Company, headquartered in Newark, NJ. At closing, the institution held approximately $7.9M in assets and $7.9M in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 2866th largest of the 3,526 bank failures in the FDIC record, and the 1st of 3 in 1948. It falls in the period the record labels Postwar Stability (1945-1979), a period with 161 failures peaking at 16 in 1976.
Three decades of regulated calm — Reg Q ceilings, geographic branching limits, and high industry profits kept failures rare.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Columbus Trust Company fail?
Columbus Trust Company was closed by regulators on July 24, 1948.
How big was Columbus Trust Company when it failed?
Columbus Trust Company had approximately $7.9M in total assets and $7.9M in deposits at the time of failure.
Other failures in 1948
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1948 | The First State Bank | $694K |
| Nov 20, 1948 | The American National Bank of Pryor Creek | $1.8M |
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