Bank Failure
Nextbank
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Closed February 7, 2002 · Phoenix, AZ · FDIC Cert #22314.
- Closing date
- February 7, 2002
- Headquarters
- Phoenix, AZ
- FDIC Certificate
- 22314
- Total assets at closing
- $700.2M
- Total deposits at closing
- $551.3M
- Estimated loss to the insurance fund
- $164.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
Context
On February 7, 2002, regulators closed Nextbank, headquartered in Phoenix, AZ. At closing, the institution held approximately $700.2M in assets and $551.3M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $164.0M.
By assets at closing this is the 293rd largest of the 3,526 bank failures in the FDIC record, and the 2nd 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 Nextbank fail?
Nextbank was closed by regulators on February 7, 2002.
How big was Nextbank when it failed?
Nextbank had approximately $700.2M in total assets and $551.3M 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 28, 2002 | New Century Bank | $21.1M |
| Mar 1, 2002 | Net First National Bank | $37.2M |
| Feb 1, 2002 | Oakwood Deposit Bank | $72.3M |
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