Bank Failure
Hilton Head Bank & Trust Company
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Closed August 30, 1991 · Hilton Head Island, SC · FDIC Cert #26273.
- Closing date
- August 30, 1991
- Headquarters
- Hilton Head Island, SC
- FDIC Certificate
- 26273
- Total assets at closing
- $64.6M
- Total deposits at closing
- $63.0M
- Estimated loss to the insurance fund
- $20.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- The Anchor Bank
Context
On August 30, 1991, regulators closed Hilton Head Bank & Trust Company, headquartered in Hilton Head Island, SC. At closing, the institution held approximately $64.6M in assets and $63.0M in deposits. The FDIC record names The Anchor Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $20.9M.
By assets at closing this is the 1474th largest of the 3,526 bank failures in the FDIC record, and the 151st of 268 in 1991. 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 Hilton Head Bank & Trust Company fail?
Hilton Head Bank & Trust Company was closed by regulators on August 30, 1991.
Who acquired Hilton Head Bank & Trust Company?
The FDIC record names The Anchor Bank as the acquiring institution in the resolution of Hilton Head Bank & Trust Company.
How big was Hilton Head Bank & Trust Company when it failed?
Hilton Head Bank & Trust Company had approximately $64.6M in total assets and $63.0M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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