Bank Failure
First Eastern Bank & Trust Company
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Closed May 24, 1989 · New Orleans, LA · FDIC Cert #24595.
- Closing date
- May 24, 1989
- Headquarters
- New Orleans, LA
- FDIC Certificate
- 24595
- Total assets at closing
- $29.4M
- Total deposits at closing
- $29.2M
- Estimated loss to the insurance fund
- $7.7M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Peoples Bank & Trust Compan
Context
On May 24, 1989, regulators closed First Eastern Bank & Trust Company, headquartered in New Orleans, LA. At closing, the institution held approximately $29.4M in assets and $29.2M in deposits. The FDIC record names Peoples Bank & Trust Compan as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $7.7M.
By assets at closing this is the 2065th largest of the 3,526 bank failures in the FDIC record, and the 395th 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 Eastern Bank & Trust Company fail?
First Eastern Bank & Trust Company was closed by regulators on May 24, 1989.
Who acquired First Eastern Bank & Trust Company?
The FDIC record names Peoples Bank & Trust Compan as the acquiring institution in the resolution of First Eastern Bank & Trust Company.
How big was First Eastern Bank & Trust Company when it failed?
First Eastern Bank & Trust Company had approximately $29.4M in total assets and $29.2M 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 | 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 |
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