Bank Failure
Interstate Bank of Commerce
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Closed March 31, 1989 · Miami, FL · FDIC Cert #26807.
- Closing date
- March 31, 1989
- Headquarters
- Miami, FL
- FDIC Certificate
- 26807
- Total assets at closing
- $6.4M
- Total deposits at closing
- $7.0M
- Estimated loss to the insurance fund
- $1.9M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
Context
On March 31, 1989, regulators closed Interstate Bank of Commerce, headquartered in Miami, FL. At closing, the institution held approximately $6.4M in assets and $7.0M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the FDIC insurance fund was approximately $1.9M.
By assets at closing this is the 2936th largest of the 3,526 bank failures in the FDIC record, and the 522nd of 530 in 1989. 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 Interstate Bank of Commerce fail?
Interstate Bank of Commerce was closed by regulators on March 31, 1989.
How big was Interstate Bank of Commerce when it failed?
Interstate Bank of Commerce had approximately $6.4M in total assets and $7.0M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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