Bank Failure
New Century Bank
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Closed March 28, 2002 · Shelby Township, MI · FDIC Cert #34979.
- Closing date
- March 28, 2002
- Headquarters
- Shelby Township, MI
- FDIC Certificate
- 34979
- Total assets at closing
- $21.1M
- Total deposits at closing
- $18.9M
- Estimated loss to the insurance fund
- $4.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
Context
On March 28, 2002, regulators closed New Century Bank, headquartered in Shelby Township, MI. At closing, the institution held approximately $21.1M in assets and $18.9M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $4.4M.
By assets at closing this is the 2300th largest of the 3,526 bank failures in the FDIC record, and the 10th of 11 in 2002. 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 New Century Bank fail?
New Century Bank was closed by regulators on March 28, 2002.
How big was New Century Bank when it failed?
New Century Bank had approximately $21.1M in total assets and $18.9M in deposits at the time of failure.
Other failures in 2002
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2002 | The Farmers Bank & Trust of Cheneyville | $35.3M |
| Nov 8, 2002 | Bank of Alamo | $58.5M |
| Sep 30, 2002 | Amtrade International Bank of Georgia | $92.1M |
| Jun 27, 2002 | Universal FSB | $51.6M |
| Jun 26, 2002 | Connecticut Bank of Commerce | $384.2M |
| Mar 1, 2002 | Net First National Bank | $37.2M |
| Feb 7, 2002 | Nextbank | $700.2M |
| Feb 1, 2002 | Oakwood Deposit Bank | $72.3M |
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