Bank Failure
Metrobank FS & La
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Closed June 28, 1991 · Palisades Park, NJ · FDIC Cert #30758.
- Closing date
- June 28, 1991
- Headquarters
- Palisades Park, NJ
- FDIC Certificate
- 30758
- Total assets at closing
- $474.3M
- Total deposits at closing
- $350.1M
- Estimated loss to the insurance fund
- $145.8M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First FSB of DE
Context
On June 28, 1991, regulators closed Metrobank FS & La, headquartered in Palisades Park, NJ. At closing, the institution held approximately $474.3M in assets and $350.1M in deposits. The FDIC record names First FSB of DE as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $145.8M.
By assets at closing this is the 390th largest of the 3,526 bank failures in the FDIC record, and the 50th 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 Metrobank FS & La fail?
Metrobank FS & La was closed by regulators on June 28, 1991.
Who acquired Metrobank FS & La?
The FDIC record names First FSB of DE as the acquiring institution in the resolution of Metrobank FS & La.
How big was Metrobank FS & La when it failed?
Metrobank FS & La had approximately $474.3M in total assets and $350.1M 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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