Bank Failure
Midtown National Bank
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Closed October 30, 1981 · Pueblo, CO · FDIC Cert #19379.
- Closing date
- October 30, 1981
- Headquarters
- Pueblo, CO
- FDIC Certificate
- 19379
- Total assets at closing
- $10.6M
- Total deposits at closing
- $9.9M
- Estimated loss to the insurance fund
- $1.7M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Co Bank of Pueblo
Context
On October 30, 1981, regulators closed Midtown National Bank, headquartered in Pueblo, CO. At closing, the institution held approximately $10.6M in assets and $9.9M in deposits. The FDIC record names First Co Bank of Pueblo as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $1.7M.
By assets at closing this is the 2749th largest of the 3,526 bank failures in the FDIC record, and the 5th of 9 in 1981. 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 Midtown National Bank fail?
Midtown National Bank was closed by regulators on October 30, 1981.
Who acquired Midtown National Bank?
The FDIC record names First Co Bank of Pueblo as the acquiring institution in the resolution of Midtown National Bank.
How big was Midtown National Bank when it failed?
Midtown National Bank had approximately $10.6M in total assets and $9.9M in deposits at the time of failure.
Other failures in 1981
| Date | Bank | Assets |
|---|---|---|
| Oct 23, 1981 | High Lakes Community Bank | $3.7M |
| Sep 25, 1981 | Southwestern Bank | $5.3M |
| Sep 8, 1981 | First FS&LA of Rochester | $1.20B |
| Jun 19, 1981 | Northwest Commerce Bank | $6.7M |
| May 18, 1981 | Economy S&LA | $73.9M |
| Mar 17, 1981 | Peoples Banking Company | $8.4M |
| Mar 14, 1981 | The Des Plaines Bank | $46.5M |
| Mar 14, 1981 | South Side Bank | $27.5M |
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