Bank Failure
First National Bank of Jackson
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Closed October 25, 1990 · Jackson, TN · FDIC Cert #4976.
- Closing date
- October 25, 1990
- Headquarters
- Jackson, TN
- FDIC Certificate
- 4976
- Total assets at closing
- $73.7M
- Total deposits at closing
- $69.9M
- Estimated loss to the insurance fund
- $5.2M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Tennessee Bank, Natio
Context
On October 25, 1990, regulators closed First National Bank of Jackson, headquartered in Jackson, TN. At closing, the institution held approximately $73.7M in assets and $69.9M in deposits. The FDIC record names First Tennessee Bank, Natio as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.2M.
By assets at closing this is the 1388th largest of the 3,526 bank failures in the FDIC record, and the 179th of 381 in 1990. 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 National Bank of Jackson fail?
First National Bank of Jackson was closed by regulators on October 25, 1990.
Who acquired First National Bank of Jackson?
The FDIC record names First Tennessee Bank, Natio as the acquiring institution in the resolution of First National Bank of Jackson.
How big was First National Bank of Jackson when it failed?
First National Bank of Jackson had approximately $73.7M in total assets and $69.9M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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