Bank Failure
Monument National Bank
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Closed June 2, 2000 · Ridgecrest, CA · FDIC Cert #25056.
- Closing date
- June 2, 2000
- Headquarters
- Ridgecrest, CA
- FDIC Certificate
- 25056
- Total assets at closing
- $7.9M
- Total deposits at closing
- $7.7M
- Estimated loss to the insurance fund
- $617K
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Israel Discount Bank of New
Context
On June 2, 2000, regulators closed Monument National Bank, headquartered in Ridgecrest, CA. At closing, the institution held approximately $7.9M in assets and $7.7M in deposits. The FDIC record names Israel Discount Bank of New as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $617K.
By assets at closing this is the 2865th largest of the 3,526 bank failures in the FDIC record, and the 7th of 7 in 2000. 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 Monument National Bank fail?
Monument National Bank was closed by regulators on June 2, 2000.
Who acquired Monument National Bank?
The FDIC record names Israel Discount Bank of New as the acquiring institution in the resolution of Monument National Bank.
How big was Monument National Bank when it failed?
Monument National Bank had approximately $7.9M in total assets and $7.7M in deposits at the time of failure.
Other failures in 2000
| Date | Bank | Assets |
|---|---|---|
| Dec 14, 2000 | National State Bank of Metropolis | $90.4M |
| Oct 13, 2000 | Bank of Honolulu | $63.9M |
| Sep 29, 2000 | Bank of Falkner | $85.5M |
| Jul 14, 2000 | Town & Country Bank of Almelund | $25.9M |
| Mar 10, 2000 | Mutual Federal Savings Bank of Atlanta | $31.5M |
| Jan 14, 2000 | Hartford-Carlisle SB | $105.0M |
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