Bank Failure
First National Bank of Miami
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Closed November 26, 1991 · Miami, FL · FDIC Cert #26274.
- Closing date
- November 26, 1991
- Headquarters
- Miami, FL
- FDIC Certificate
- 26274
- Total assets at closing
- $40.5M
- Total deposits at closing
- $40.9M
- Estimated loss to the insurance fund
- $6.3M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Ready State Bank
Context
On November 26, 1991, regulators closed First National Bank of Miami, headquartered in Miami, FL. At closing, the institution held approximately $40.5M in assets and $40.9M in deposits. The FDIC record names Ready State Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $6.3M.
By assets at closing this is the 1804th largest of the 3,526 bank failures in the FDIC record, and the 185th 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 National Bank of Miami fail?
First National Bank of Miami was closed by regulators on November 26, 1991.
Who acquired First National Bank of Miami?
The FDIC record names Ready State Bank as the acquiring institution in the resolution of First National Bank of Miami.
How big was First National Bank of Miami when it failed?
First National Bank of Miami had approximately $40.5M in total assets and $40.9M 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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