Bank Failure
First Security Bank
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Closed May 24, 1991 · Roanoke, VA · FDIC Cert #27380.
- Closing date
- May 24, 1991
- Headquarters
- Roanoke, VA
- FDIC Certificate
- 27380
- Total assets at closing
- $15.9M
- Total deposits at closing
- $15.0M
- Estimated loss to the insurance fund
- $4.5M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Century Bank
Context
On May 24, 1991, regulators closed First Security Bank, headquartered in Roanoke, VA. At closing, the institution held approximately $15.9M in assets and $15.0M in deposits. The FDIC record names First Century Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $4.5M.
By assets at closing this is the 2499th largest of the 3,526 bank failures in the FDIC record, and the 251st 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 Security Bank fail?
First Security Bank was closed by regulators on May 24, 1991.
Who acquired First Security Bank?
The FDIC record names First Century Bank as the acquiring institution in the resolution of First Security Bank.
How big was First Security Bank when it failed?
First Security Bank had approximately $15.9M in total assets and $15.0M 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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