FDIC Open-Bank Assistance
First Bank and Trust
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Assistance provided September 16, 1991 · Harrisburg, IL · FDIC Cert #19591.
- Assistance date
- September 16, 1991
- Headquarters
- Harrisburg, IL
- FDIC Certificate
- 19591
- Total assets at the time
- $26.6M
- Total deposits at the time
- $26.2M
- Estimated loss to the insurance fund
- $627K
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- First Bank and Trust
Context
On September 16, 1991, the FDIC provided open-bank assistance to First Bank and Trust, headquartered in Harrisburg, IL. The institution continued operating. At the time it held approximately $26.6M in assets and $26.2M in deposits. The assistance went to the bank itself; no other institution acquired it. The estimated cost to the Bank Insurance Fund (BIF) was approximately $627K.
The FDIC record for 1991 holds 268 failures and 3 open-bank assistance transactions. 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 the FDIC provide assistance to First Bank and Trust?
First Bank and Trust received FDIC open-bank assistance on September 16, 1991; it did not fail.
How big was First Bank and Trust at the time of assistance?
First Bank and Trust had approximately $26.6M in total assets and $26.2M in deposits at the time of assistance.
Bank 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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