Bank Failure
First Exchange Bank of Madison County
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Closed May 7, 1992 · Fredericktown, MO · FDIC Cert #24242.
- Closing date
- May 7, 1992
- Headquarters
- Fredericktown, MO
- FDIC Certificate
- 24242
- Total assets at closing
- $34.8M
- Total deposits at closing
- $34.2M
- Estimated loss to the insurance fund
- $1.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Commerce BK St Francois
Context
On May 7, 1992, regulators closed First Exchange Bank of Madison County, headquartered in Fredericktown, MO. At closing, the institution held approximately $34.8M in assets and $34.2M in deposits. The FDIC record names Commerce BK St Francois as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $1.6M.
By assets at closing this is the 1919th largest of the 3,526 bank failures in the FDIC record, and the 140th 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 Madison County fail?
First Exchange Bank of Madison County was closed by regulators on May 7, 1992.
Who acquired First Exchange Bank of Madison County?
The FDIC record names Commerce BK St Francois as the acquiring institution in the resolution of First Exchange Bank of Madison County.
How big was First Exchange Bank of Madison County when it failed?
First Exchange Bank of Madison County had approximately $34.8M in total assets and $34.2M 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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