Bank Failure
Northern Bank & Trust
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Closed June 15, 1989 · Fort Collins, CO · FDIC Cert #21999.
- Closing date
- June 15, 1989
- Headquarters
- Fort Collins, CO
- FDIC Certificate
- 21999
- Total assets at closing
- $6.9M
- Total deposits at closing
- $6.6M
- Estimated loss to the insurance fund
- $776K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Union Colony Bank
Context
On June 15, 1989, regulators closed Northern Bank & Trust, headquartered in Fort Collins, CO. At closing, the institution held approximately $6.9M in assets and $6.6M in deposits. The FDIC record names Union Colony Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $776K.
By assets at closing this is the 2910th largest of the 3,526 bank failures in the FDIC record, and the 518th of 530 in 1989. 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 Northern Bank & Trust fail?
Northern Bank & Trust was closed by regulators on June 15, 1989.
Who acquired Northern Bank & Trust?
The FDIC record names Union Colony Bank as the acquiring institution in the resolution of Northern Bank & Trust.
How big was Northern Bank & Trust when it failed?
Northern Bank & Trust had approximately $6.9M in total assets and $6.6M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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