Bank Failure
Commonwealth Bank
Closed April 9, 1987 · Glendale, CO · FDIC Cert #24161.
- Closing date
- April 9, 1987
- Headquarters
- Glendale, CO
- FDIC Certificate
- 24161
- Total assets at closing
- $7.8M
- Total deposits at closing
- $7.7M
- Estimated loss to DIF
- $481K
- Resolution
- Failure (closed by regulators)
- Acquirer
- Prudential Bank
Context
On April 9, 1987, regulators closed Commonwealth Bank, headquartered in Glendale, CO. At closing, the institution held approximately $7.8M in assets and $7.7M in deposits. The FDIC arranged a resolution under which Prudential Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $481K.
By assets at closing this is the 2868th largest of the 3,524 bank failures in the FDIC record, and the 190th of 217 in 1987. 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 Commonwealth Bank fail?
Commonwealth Bank was closed by regulators on April 9, 1987.
Who acquired Commonwealth Bank?
Prudential Bank acquired the failed bank's deposits and operations on April 9, 1987 under an FDIC-brokered resolution.
How big was Commonwealth Bank when it failed?
Commonwealth Bank had approximately $7.8M in total assets and $7.7M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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