Bank Failure
Golden Pacific National Bank
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Closed June 21, 1985 · New York, NY · FDIC Cert #22452.
- Closing date
- June 21, 1985
- Headquarters
- New York, NY
- FDIC Certificate
- 22452
- Total assets (last filing before closing)
- $146.3M
- Total deposits (last filing before closing)
- $131.4M
- 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)
- Acquirer
- Hongkong&shanghai BK Cor
Context
On June 21, 1985, regulators closed Golden Pacific National Bank, headquartered in New York, NY. At closing, the institution held approximately $146.3M in assets and $131.4M in deposits. The FDIC record names Hongkong&shanghai BK Cor as the acquiring institution in the resolution.
By total assets in its last filing before closing, this is the 960th largest of the 3,526 bank failures in the FDIC record, and the 17th of 139 in 1985. 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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did Golden Pacific National Bank fail?
Golden Pacific National Bank was closed by regulators on June 21, 1985.
Who acquired Golden Pacific National Bank?
The FDIC record names Hongkong&shanghai BK Cor as the acquiring institution in the resolution of Golden Pacific National Bank.
How big was Golden Pacific National Bank when it failed?
Golden Pacific National Bank had approximately $146.3M in total assets and $131.4M in deposits at the time of failure.
Other failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
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