Bank Failure
Forest City Bank & Trust Co.
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Closed May 6, 1988 · Forest City, IA · FDIC Cert #15745.
- Closing date
- May 6, 1988
- Headquarters
- Forest City, IA
- FDIC Certificate
- 15745
- Total assets at closing
- $26.6M
- Total deposits at closing
- $26.5M
- Estimated loss to the insurance fund
- $733K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Liberty Bank&trust
Context
On May 6, 1988, regulators closed Forest City Bank & Trust Co., headquartered in Forest City, IA. At closing, the institution held approximately $26.6M in assets and $26.5M in deposits. The FDIC record names Liberty Bank&trust as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $733K.
By assets at closing this is the 2135th largest of the 3,526 bank failures in the FDIC record, and the 130th of 232 in 1988. 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 Forest City Bank & Trust Co. fail?
Forest City Bank & Trust Co. was closed by regulators on May 6, 1988.
Who acquired Forest City Bank & Trust Co.?
The FDIC record names Liberty Bank&trust as the acquiring institution in the resolution of Forest City Bank & Trust Co.
How big was Forest City Bank & Trust Co. when it failed?
Forest City Bank & Trust Co. had approximately $26.6M in total assets and $26.5M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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