Bank Failure
Franklin National Bank
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Closed October 8, 1974 · New York, NY · FDIC Cert #7060.
- Closing date
- October 8, 1974
- Headquarters
- New York, NY
- FDIC Certificate
- 7060
- Total assets at closing
- $3.66B
- Total deposits at closing
- $1.44B
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
Context
On October 8, 1974, regulators closed Franklin National Bank, headquartered in New York, NY. At closing, the institution held approximately $3.66B in assets and $1.44B in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 56th largest of the 3,526 bank failures in the FDIC record, and the 1st of 4 in 1974. It falls in the period the record labels Postwar Stability (1945-1979), a period with 161 failures peaking at 16 in 1976.
Three decades of regulated calm — Reg Q ceilings, geographic branching limits, and high industry profits kept failures rare.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Franklin National Bank fail?
Franklin National Bank was closed by regulators on October 8, 1974.
How big was Franklin National Bank when it failed?
Franklin National Bank had approximately $3.66B in total assets and $1.44B in deposits at the time of failure.
Other failures in 1974
| Date | Bank | Assets |
|---|---|---|
| Oct 9, 1974 | Cromwell State Savings Bank | $3.5M |
| Sep 27, 1974 | Tri-City Bank | $16.3M |
| Sep 20, 1974 | American Bank & Trust | $147.1M |
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