Bank Failure
First Security Bank
Closed April 6, 1984 · Erwin, TN · FDIC Cert #20227.
- Closing date
- April 6, 1984
- Headquarters
- Erwin, TN
- FDIC Certificate
- 20227
- Total assets at closing
- $22.5M
- Total deposits at closing
- $21.3M
- Estimated loss to DIF
- $6.5M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of Tennessee
Context
On April 6, 1984, regulators closed First Security Bank, headquartered in Erwin, TN. At closing, the institution held approximately $22.5M in assets and $21.3M in deposits. The FDIC arranged a resolution under which Bank of Tennessee acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $6.5M.
By assets at closing this is the 2252nd largest of the 3,524 bank failures in the FDIC record, and the 36th of 83 in 1984. 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 April 6, 1984.
Who acquired First Security Bank?
Bank of Tennessee acquired the failed bank's deposits and operations on April 6, 1984 under an FDIC-brokered resolution.
How big was First Security Bank when it failed?
First Security Bank had approximately $22.5M in total assets and $21.3M in deposits at the time of failure.
Other failures in 1984
| Date | Bank | Assets |
|---|---|---|
| Dec 22, 1984 | First Security Bank | $13.4M |
| Dec 20, 1984 | The Farmers State Bank | $14.6M |
| Dec 18, 1984 | Uehling State Bank | $4.2M |
| Dec 11, 1984 | University Bank of Wichita | $4.7M |
| Dec 7, 1984 | San Marino S&LA | $856.8M |
| Dec 7, 1984 | Farmers State BK of Holyoke | $3.9M |
| Dec 4, 1984 | Golden Spike State Bank | $7.8M |
| Nov 30, 1984 | The Dayton BK & TR Co. | $51.4M |
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