Bank Failure
New Atlantic Bank, N.A.
BankRegReports is independent of New Atlantic Bank, N.A. and never asks for online banking logins or passwords.
Closed August 12, 1993 · Norfolk, VA · FDIC Cert #32728.
- Closing date
- August 12, 1993
- Headquarters
- Norfolk, VA
- FDIC Certificate
- 32728
- Total assets at closing
- $15.1M
- Total deposits at closing
- $14.4M
- Estimated loss to the insurance fund
- $792K
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of Hampton Roads
Context
On August 12, 1993, regulators closed New Atlantic Bank, N.A., headquartered in Norfolk, VA. At closing, the institution held approximately $15.1M in assets and $14.4M in deposits. The FDIC record names Bank of Hampton Roads as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $792K.
By assets at closing this is the 2535th largest of the 3,526 bank failures in the FDIC record, and the 45th of 50 in 1993. 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 New Atlantic Bank, N.A. fail?
New Atlantic Bank, N.A. was closed by regulators on August 12, 1993.
Who acquired New Atlantic Bank, N.A.?
The FDIC record names Bank of Hampton Roads as the acquiring institution in the resolution of New Atlantic Bank, N.A.
How big was New Atlantic Bank, N.A. when it failed?
New Atlantic Bank, N.A. had approximately $15.1M in total assets and $14.4M in deposits at the time of failure.
Other failures in 1993
| Date | Bank | Assets |
|---|---|---|
| Nov 5, 1993 | Century Thrift and Loan | $31.9M |
| Oct 29, 1993 | The Bank of San Diego | $294.3M |
| Oct 21, 1993 | Mid City Bank, N.A. | $105.7M |
| Oct 15, 1993 | Brentwood Thrift and Loan Association | $12.9M |
| Oct 14, 1993 | Plaza Bank, N.A. of New Braunfels | $54.6M |
| Sep 24, 1993 | Westside Bank, FSB | $81.7M |
| Sep 24, 1993 | Western United National Bank | $23.7M |
| Sep 17, 1993 | Regent Thrift and Loan Association | $35.8M |
Explore: all failures · VA bank events · 1993 events · events hub