Bank Failure
Madison National Bank of Virginia
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Closed May 10, 1991 · McLean, VA · FDIC Cert #20210.
- Closing date
- May 10, 1991
- Headquarters
- McLean, VA
- FDIC Certificate
- 20210
- Total assets at closing
- $174.2M
- Total deposits at closing
- $159.4M
- Estimated loss to the insurance fund
- $18.2M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Signet Bank - Virginia
Context
On May 10, 1991, regulators closed Madison National Bank of Virginia, headquartered in McLean, VA. At closing, the institution held approximately $174.2M in assets and $159.4M in deposits. The FDIC record names Signet Bank - Virginia as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $18.2M.
By assets at closing this is the 848th largest of the 3,526 bank failures in the FDIC record, and the 95th 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 Madison National Bank of Virginia fail?
Madison National Bank of Virginia was closed by regulators on May 10, 1991.
Who acquired Madison National Bank of Virginia?
The FDIC record names Signet Bank - Virginia as the acquiring institution in the resolution of Madison National Bank of Virginia.
How big was Madison National Bank of Virginia when it failed?
Madison National Bank of Virginia had approximately $174.2M in total assets and $159.4M 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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