Bank Failure
First City National Bank and Trust
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Closed December 20, 1989 · New York, NY · FDIC Cert #26814.
- Closing date
- December 20, 1989
- Headquarters
- New York, NY
- FDIC Certificate
- 26814
- Total assets at closing
- $39.5M
- Total deposits at closing
- $38.2M
- Estimated loss to the insurance fund
- $10.8M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
Context
On December 20, 1989, regulators closed First City National Bank and Trust, headquartered in New York, NY. At closing, the institution held approximately $39.5M in assets and $38.2M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $10.8M.
By assets at closing this is the 1825th largest of the 3,526 bank failures in the FDIC record, and the 347th 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 City National Bank and Trust fail?
First City National Bank and Trust was closed by regulators on December 20, 1989.
How big was First City National Bank and Trust when it failed?
First City National Bank and Trust had approximately $39.5M in total assets and $38.2M 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 | 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 |
| Dec 14, 1989 | Canyon Lake Bank | $31.0M |
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