Bank Failure
County Bank, FSB
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Closed March 27, 1991 · Santa Barbara, CA · FDIC Cert #32095.
- Closing date
- March 27, 1991
- Headquarters
- Santa Barbara, CA
- FDIC Certificate
- 32095
- Total assets at closing
- $1.17B
- Total deposits at closing
- $961.7M
- Estimated loss to the insurance fund
- $103.4M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Home Savings of America, FS
Context
On March 27, 1991, regulators closed County Bank, FSB, headquartered in Santa Barbara, CA. At closing, the institution held approximately $1.17B in assets and $961.7M in deposits. The FDIC record names Home Savings of America, FS as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $103.4M.
By assets at closing this is the 186th largest of the 3,526 bank failures in the FDIC record, and the 24th 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 County Bank, FSB fail?
County Bank, FSB was closed by regulators on March 27, 1991.
Who acquired County Bank, FSB?
The FDIC record names Home Savings of America, FS as the acquiring institution in the resolution of County Bank, FSB.
How big was County Bank, FSB when it failed?
County Bank, FSB had approximately $1.17B in total assets and $961.7M 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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