Bank Failure
Metrobank of Philadelphia
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Closed March 8, 1996 · Philadelphia, PA · FDIC Cert #27525.
- Closing date
- March 8, 1996
- Headquarters
- Philadelphia, PA
- FDIC Certificate
- 27525
- Total assets at closing
- $40.4M
- Total deposits at closing
- $39.2M
- Estimated loss to the insurance fund
- $7.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Jefferson Bank
Context
On March 8, 1996, regulators closed Metrobank of Philadelphia, headquartered in Philadelphia, PA. At closing, the institution held approximately $40.4M in assets and $39.2M in deposits. The FDIC record names Jefferson Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $7.7M.
By assets at closing this is the 1805th largest of the 3,526 bank failures in the FDIC record, and the 3rd of 6 in 1996. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Metrobank of Philadelphia fail?
Metrobank of Philadelphia was closed by regulators on March 8, 1996.
Who acquired Metrobank of Philadelphia?
The FDIC record names Jefferson Bank as the acquiring institution in the resolution of Metrobank of Philadelphia.
How big was Metrobank of Philadelphia when it failed?
Metrobank of Philadelphia had approximately $40.4M in total assets and $39.2M in deposits at the time of failure.
Other failures in 1996
| Date | Bank | Assets |
|---|---|---|
| Aug 16, 1996 | Commonwealth Thrift & Loan | $11.5M |
| Aug 9, 1996 | Union Federal Bank, FSB | $32.6M |
| Jul 12, 1996 | Fairfield First Bank & Trust Co | $57.3M |
| Jun 14, 1996 | First NB of the Panhandle | $68.1M |
| May 31, 1996 | People's Bank & Trust | $22.7M |
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