Bank Failure
NEW WORLD NATIONAL BANK
Closed October 22, 1987 · PITTSBURGH, PA · FDIC Cert #21951.
- Closing date
- October 22, 1987
- Headquarters
- PITTSBURGH, PA
- FDIC Certificate
- 21951
- Total assets at closing
- $14,685,000
- Total deposits at closing
- $14,786,000
- Estimated loss to DIF
- $2,106,000
- Resolution type
- other
- Acquirer
- LINCOLN NATIONAL BANK (FDIC Cert #2741)
Context
On October 22, 1987, regulators closed NEW WORLD NATIONAL BANK, headquartered in PITTSBURGH, PA. At closing, the institution held approximately $14,685,000 in assets and $14,786,000 in deposits. The FDIC arranged a resolution under which LINCOLN NATIONAL BANK acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $2,106,000.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1987
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1987-12-31 | FIRST FINANCIAL BANK, FSB | NEW ORLEANS, LA | $744,874,000 |
| 1987-12-31 | AMERICAN FS&LA | LYNCHBURG, VA | $166,519,000 |
| 1987-12-31 | GIBSON FEDERAL S&LA | GIBSON CITY, IL | $131,522,000 |
| 1987-12-31 | FIRST FS&LA OF SLIDELL | SLIDELL, LA | $46,197,000 |
| 1987-12-30 | FIRST FINANCIAL OF LA | LUTCHER, LA | $159,541,000 |
| 1987-12-30 | FIRST FS&LA OF ALEXANDRIA | ALEXANDRIA, LA | $148,689,000 |
| 1987-12-30 | FIRSTBANC FSB | GONZALES, LA | $46,262,000 |
| 1987-12-29 | COMMUNITY FS&LA | HAMILTON, OH | $405,642,000 |
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