Bank Failure
First Hanover Bank
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Closed October 25, 1991 · Wilmington, NC · FDIC Cert #26561.
- Closing date
- October 25, 1991
- Headquarters
- Wilmington, NC
- FDIC Certificate
- 26561
- Total assets at closing
- $48.2M
- Total deposits at closing
- $46.5M
- Estimated loss to the insurance fund
- $5.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Central Carolina Bank and T
Context
On October 25, 1991, regulators closed First Hanover Bank, headquartered in Wilmington, NC. At closing, the institution held approximately $48.2M in assets and $46.5M in deposits. The FDIC record names Central Carolina Bank and T as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.7M.
By assets at closing this is the 1689th largest of the 3,526 bank failures in the FDIC record, and the 173rd of 268 in 1991. 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 Hanover Bank fail?
First Hanover Bank was closed by regulators on October 25, 1991.
Who acquired First Hanover Bank?
The FDIC record names Central Carolina Bank and T as the acquiring institution in the resolution of First Hanover Bank.
How big was First Hanover Bank when it failed?
First Hanover Bank had approximately $48.2M in total assets and $46.5M in deposits at the time of failure.
Other 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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