Bank Failure
Merchants National Bank
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Closed December 13, 1991 · Leominster, MA · FDIC Cert #2599.
- Closing date
- December 13, 1991
- Headquarters
- Leominster, MA
- FDIC Certificate
- 2599
- Total assets at closing
- $153.6M
- Total deposits at closing
- $147.4M
- Estimated loss to the insurance fund
- $29.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Worcester County Institutio
Context
On December 13, 1991, regulators closed Merchants National Bank, headquartered in Leominster, MA. At closing, the institution held approximately $153.6M in assets and $147.4M in deposits. The FDIC record names Worcester County Institutio as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $29.4M.
By assets at closing this is the 924th largest of the 3,526 bank failures in the FDIC record, and the 99th 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 National Bank fail?
Merchants National Bank was closed by regulators on December 13, 1991.
Who acquired Merchants National Bank?
The FDIC record names Worcester County Institutio as the acquiring institution in the resolution of Merchants National Bank.
How big was Merchants National Bank when it failed?
Merchants National Bank had approximately $153.6M in total assets and $147.4M 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 | 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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