Bank Failure
First Exchange Bank of Cape Girardeau
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Closed May 7, 1992 · Cape Girardeau, MO · FDIC Cert #24863.
- Closing date
- May 7, 1992
- Headquarters
- Cape Girardeau, MO
- FDIC Certificate
- 24863
- Total assets at closing
- $84.4M
- Total deposits at closing
- $87.0M
- Estimated loss to the insurance fund
- $9.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Commerce BK Poplar Bluff
Context
On May 7, 1992, regulators closed First Exchange Bank of Cape Girardeau, headquartered in Cape Girardeau, MO. At closing, the institution held approximately $84.4M in assets and $87.0M in deposits. The FDIC record names Commerce BK Poplar Bluff as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $9.7M.
By assets at closing this is the 1301st largest of the 3,526 bank failures in the FDIC record, and the 98th of 179 in 1992. 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 Exchange Bank of Cape Girardeau fail?
First Exchange Bank of Cape Girardeau was closed by regulators on May 7, 1992.
Who acquired First Exchange Bank of Cape Girardeau?
The FDIC record names Commerce BK Poplar Bluff as the acquiring institution in the resolution of First Exchange Bank of Cape Girardeau.
How big was First Exchange Bank of Cape Girardeau when it failed?
First Exchange Bank of Cape Girardeau had approximately $84.4M in total assets and $87.0M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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