Bank Failure
Maine National Bank
BankRegReports is independent of Maine National Bank and never asks for online banking logins or passwords.
Closed January 6, 1991 · Portland, ME · FDIC Cert #4275.
- Closing date
- January 6, 1991
- Headquarters
- Portland, ME
- FDIC Certificate
- 4275
- Total assets at closing
- $1.05B
- Total deposits at closing
- $944.7M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $0 is not consistent with a failure of this size)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- New Maine National Bank
Context
On January 6, 1991, regulators closed Maine National Bank, headquartered in Portland, ME. At closing, the institution held approximately $1.05B in assets and $944.7M in deposits. The FDIC record names New Maine National Bank as the acquiring institution in the resolution.
By assets at closing this is the 200th largest of the 3,526 bank failures in the FDIC record, and the 31st 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 Maine National Bank fail?
Maine National Bank was closed by regulators on January 6, 1991.
Who acquired Maine National Bank?
The FDIC record names New Maine National Bank as the acquiring institution in the resolution of Maine National Bank.
How big was Maine National Bank when it failed?
Maine National Bank had approximately $1.05B in total assets and $944.7M 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 |
Explore: all failures · ME bank events · 1991 events · events hub