Bank Failure
Merchants & Mechanics FSB
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Closed August 23, 1991 · Springfield, OH · FDIC Cert #27693.
- Closing date
- August 23, 1991
- Headquarters
- Springfield, OH
- FDIC Certificate
- 27693
- Total assets at closing
- $209.9M
- Total deposits at closing
- $206.1M
- Estimated loss to the insurance fund
- $22.6M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Banc One FSB
Context
On August 23, 1991, regulators closed Merchants & Mechanics FSB, headquartered in Springfield, OH. At closing, the institution held approximately $209.9M in assets and $206.1M in deposits. The FDIC record names Banc One FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $22.6M.
By assets at closing this is the 752nd largest of the 3,526 bank failures in the FDIC record, and the 89th 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 Merchants & Mechanics FSB fail?
Merchants & Mechanics FSB was closed by regulators on August 23, 1991.
Who acquired Merchants & Mechanics FSB?
The FDIC record names Banc One FSB as the acquiring institution in the resolution of Merchants & Mechanics FSB.
How big was Merchants & Mechanics FSB when it failed?
Merchants & Mechanics FSB had approximately $209.9M in total assets and $206.1M 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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