Bank Failure
First National Bank of Vail
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Closed October 5, 1989 · Vail, CO · FDIC Cert #25190.
- Closing date
- October 5, 1989
- Headquarters
- Vail, CO
- FDIC Certificate
- 25190
- Total assets at closing
- $3.6M
- Total deposits at closing
- $3.5M
- Estimated loss to the insurance fund
- $792K
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank Northwest
Context
On October 5, 1989, regulators closed First National Bank of Vail, headquartered in Vail, CO. At closing, the institution held approximately $3.6M in assets and $3.5M in deposits. The FDIC record names Bank Northwest as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $792K.
By assets at closing this is the 3047th largest of the 3,526 bank failures in the FDIC record, and the 529th of 530 in 1989. 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 Vail fail?
First National Bank of Vail was closed by regulators on October 5, 1989.
Who acquired First National Bank of Vail?
The FDIC record names Bank Northwest as the acquiring institution in the resolution of First National Bank of Vail.
How big was First National Bank of Vail when it failed?
First National Bank of Vail had approximately $3.6M in total assets and $3.5M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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