Bank Failure
Industrial National Bank of East Chicago
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Closed April 3, 1986 · East Chicago, IN · FDIC Cert #22774.
- Closing date
- April 3, 1986
- Headquarters
- East Chicago, IN
- FDIC Certificate
- 22774
- Total assets (last filing before closing)
- $8.4M
- Total deposits (last filing before closing)
- $8.1M
- Estimated loss to the insurance fund
- $1.2M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Mercantile NB of Indiana
Context
On April 3, 1986, regulators closed Industrial National Bank of East Chicago, headquartered in East Chicago, IN. At closing, the institution held approximately $8.4M in assets and $8.1M in deposits. The FDIC record names Mercantile NB of Indiana as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $1.2M.
By total assets in its last filing before closing, this is the 2851st largest of the 3,526 bank failures in the FDIC record, and the 144th of 162 in 1986. 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 Industrial National Bank of East Chicago fail?
Industrial National Bank of East Chicago was closed by regulators on April 3, 1986.
Who acquired Industrial National Bank of East Chicago?
The FDIC record names Mercantile NB of Indiana as the acquiring institution in the resolution of Industrial National Bank of East Chicago.
How big was Industrial National Bank of East Chicago when it failed?
Industrial National Bank of East Chicago had approximately $8.4M in total assets and $8.1M in deposits at the time of failure.
Other failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
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