Bank Failure
First Bank
BankRegReports is independent of First Bank and never asks for online banking logins or passwords.
Closed October 6, 1989 · Colorado Springs, CO · FDIC Cert #21263.
- Closing date
- October 6, 1989
- Headquarters
- Colorado Springs, CO
- FDIC Certificate
- 21263
- Total assets at closing
- $36.0M
- Total deposits at closing
- $34.0M
- Estimated loss to the insurance fund
- $11.2M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Colorado National Bank - Ex
Context
On October 6, 1989, regulators closed First Bank, headquartered in Colorado Springs, CO. At closing, the institution held approximately $36.0M in assets and $34.0M in deposits. The FDIC record names Colorado National Bank - Ex as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $11.2M.
By assets at closing this is the 1889th largest of the 3,526 bank failures in the FDIC record, and the 360th 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 Bank fail?
First Bank was closed by regulators on October 6, 1989.
Who acquired First Bank?
The FDIC record names Colorado National Bank - Ex as the acquiring institution in the resolution of First Bank.
How big was First Bank when it failed?
First Bank had approximately $36.0M in total assets and $34.0M 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 15, 1989 | First American Bank and Trust | $1.38B |
| 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 |
Explore: all failures · CO bank events · 1989 events · events hub