Bank Failure
Investors FSB
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Closed December 13, 1991 · Richmond, VA · FDIC Cert #31724.
- Closing date
- December 13, 1991
- Headquarters
- Richmond, VA
- FDIC Certificate
- 31724
- Total assets at closing
- $2.06B
- Total deposits at closing
- $1.43B
- Estimated loss to the insurance fund
- $470.7M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Central Fidelity Bank
Context
On December 13, 1991, regulators closed Investors FSB, headquartered in Richmond, VA. At closing, the institution held approximately $2.06B in assets and $1.43B in deposits. The FDIC record names Central Fidelity Bank as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $470.7M.
By assets at closing this is the 105th largest of the 3,526 bank failures in the FDIC record, and the 14th 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 Investors FSB fail?
Investors FSB was closed by regulators on December 13, 1991.
Who acquired Investors FSB?
The FDIC record names Central Fidelity Bank as the acquiring institution in the resolution of Investors FSB.
How big was Investors FSB when it failed?
Investors FSB had approximately $2.06B in total assets and $1.43B 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 | 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 |
| Nov 26, 1991 | First National Bank of Miami | $40.5M |
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