Bank Failure
First National Bank of Vermont
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Closed January 29, 1993 · Bradford, VT · FDIC Cert #6290.
- Closing date
- January 29, 1993
- Headquarters
- Bradford, VT
- FDIC Certificate
- 6290
- Total assets at closing
- $295.8M
- Total deposits at closing
- $282.4M
- Estimated loss to the insurance fund
- $25.5M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- New First NB of Vermont
Context
On January 29, 1993, regulators closed First National Bank of Vermont, headquartered in Bradford, VT. At closing, the institution held approximately $295.8M in assets and $282.4M in deposits. The FDIC record names New First NB of Vermont as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $25.5M.
By assets at closing this is the 563rd largest of the 3,526 bank failures in the FDIC record, and the 4th of 50 in 1993. 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 Vermont fail?
First National Bank of Vermont was closed by regulators on January 29, 1993.
Who acquired First National Bank of Vermont?
The FDIC record names New First NB of Vermont as the acquiring institution in the resolution of First National Bank of Vermont.
How big was First National Bank of Vermont when it failed?
First National Bank of Vermont had approximately $295.8M in total assets and $282.4M in deposits at the time of failure.
Other failures in 1993
| Date | Bank | Assets |
|---|---|---|
| Nov 5, 1993 | Century Thrift and Loan | $31.9M |
| Oct 29, 1993 | The Bank of San Diego | $294.3M |
| Oct 21, 1993 | Mid City Bank, N.A. | $105.7M |
| Oct 15, 1993 | Brentwood Thrift and Loan Association | $12.9M |
| Oct 14, 1993 | Plaza Bank, N.A. of New Braunfels | $54.6M |
| Sep 24, 1993 | Westside Bank, FSB | $81.7M |
| Sep 24, 1993 | Western United National Bank | $23.7M |
| Sep 17, 1993 | Regent Thrift and Loan Association | $35.8M |
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