Bank Failure
Heritage Bank & Trust
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Closed April 29, 1987 · Salt Lake County, UT · FDIC Cert #22548.
- Closing date
- April 29, 1987
- Headquarters
- Salt Lake County, UT
- FDIC Certificate
- 22548
- Total assets at closing
- $17.6M
- Total deposits at closing
- $16.2M
- Estimated loss to the insurance fund
- $110K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Interstate BK of U
Context
On April 29, 1987, regulators closed Heritage Bank & Trust, headquartered in Salt Lake County, UT. At closing, the institution held approximately $17.6M in assets and $16.2M in deposits. The FDIC record names First Interstate BK of U as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $110K.
By assets at closing this is the 2435th largest of the 3,526 bank failures in the FDIC record, and the 119th of 217 in 1987. 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 Heritage Bank & Trust fail?
Heritage Bank & Trust was closed by regulators on April 29, 1987.
Who acquired Heritage Bank & Trust?
The FDIC record names First Interstate BK of U as the acquiring institution in the resolution of Heritage Bank & Trust.
How big was Heritage Bank & Trust when it failed?
Heritage Bank & Trust had approximately $17.6M in total assets and $16.2M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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