Bank Failure
First American Bank and Trust
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Closed December 15, 1989 · North Palm Beach, FL · FDIC Cert #18002.
- Closing date
- December 15, 1989
- Headquarters
- North Palm Beach, FL
- FDIC Certificate
- 18002
- Total assets at closing
- $1.38B
- Total deposits at closing
- $1.01B
- Estimated loss to the insurance fund
- $383.1M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First American Bank and Tru
Context
On December 15, 1989, regulators closed First American Bank and Trust, headquartered in North Palm Beach, FL. At closing, the institution held approximately $1.38B in assets and $1.01B in deposits. The FDIC record names First American Bank and Tru as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $383.1M.
By assets at closing this is the 164th largest of the 3,526 bank failures in the FDIC record, and the 27th of 530 in 1989. 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 First American Bank and Trust fail?
First American Bank and Trust was closed by regulators on December 15, 1989.
Who acquired First American Bank and Trust?
The FDIC record names First American Bank and Tru as the acquiring institution in the resolution of First American Bank and Trust.
How big was First American Bank and Trust when it failed?
First American Bank and Trust had approximately $1.38B in total assets and $1.01B in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
| Dec 14, 1989 | Canyon Lake Bank | $31.0M |
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