Bank Failure
Coral Coast FSB
BankRegReports is independent of Coral Coast FSB and never asks for online banking logins or passwords.
Closed August 2, 1991 · Boynton Beach, FL · FDIC Cert #32438.
- Closing date
- August 2, 1991
- Headquarters
- Boynton Beach, FL
- FDIC Certificate
- 32438
- Total assets at closing
- $61.2M
- Total deposits at closing
- $60.3M
- Estimated loss to the insurance fund
- $16.2M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Mackinac SB, FSB
Context
On August 2, 1991, regulators closed Coral Coast FSB, headquartered in Boynton Beach, FL. At closing, the institution held approximately $61.2M in assets and $60.3M in deposits. The FDIC record names Mackinac SB, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $16.2M.
By assets at closing this is the 1514th largest of the 3,526 bank failures in the FDIC record, and the 156th 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 Coral Coast FSB fail?
Coral Coast FSB was closed by regulators on August 2, 1991.
Who acquired Coral Coast FSB?
The FDIC record names Mackinac SB, FSB as the acquiring institution in the resolution of Coral Coast FSB.
How big was Coral Coast FSB when it failed?
Coral Coast FSB had approximately $61.2M in total assets and $60.3M 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 |
Explore: all failures · FL bank events · 1991 events · events hub