Bank Failure
New City Bank
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Closed March 20, 1987 · Orange, CA · FDIC Cert #24789.
- Closing date
- March 20, 1987
- Headquarters
- Orange, CA
- FDIC Certificate
- 24789
- Total assets at closing
- $26.0M
- Total deposits at closing
- $25.8M
- Estimated loss to the insurance fund
- $5.6M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Colonial Bank National a
Context
On March 20, 1987, regulators closed New City Bank, headquartered in Orange, CA. At closing, the institution held approximately $26.0M in assets and $25.8M in deposits. The FDIC record names Colonial Bank National a as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $5.6M.
By assets at closing this is the 2150th largest of the 3,526 bank failures in the FDIC record, and the 88th of 217 in 1987. 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 City Bank fail?
New City Bank was closed by regulators on March 20, 1987.
Who acquired New City Bank?
The FDIC record names Colonial Bank National a as the acquiring institution in the resolution of New City Bank.
How big was New City Bank when it failed?
New City Bank had approximately $26.0M in total assets and $25.8M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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