Bank Failure
People's Bank & Trust
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Closed May 31, 1996 · Borger, TX · FDIC Cert #18662.
- Closing date
- May 31, 1996
- Headquarters
- Borger, TX
- FDIC Certificate
- 18662
- Total assets at closing
- $22.7M
- Total deposits at closing
- $22.3M
- Estimated loss to the insurance fund
- $3.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Boatmen's First NB of Amari
Context
On May 31, 1996, regulators closed People's Bank & Trust, headquartered in Borger, TX. At closing, the institution held approximately $22.7M in assets and $22.3M in deposits. The FDIC record names Boatmen's First NB of Amari as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $3.4M.
By assets at closing this is the 2245th largest of the 3,526 bank failures in the FDIC record, and the 5th of 6 in 1996. 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 People's Bank & Trust fail?
People's Bank & Trust was closed by regulators on May 31, 1996.
Who acquired People's Bank & Trust?
The FDIC record names Boatmen's First NB of Amari as the acquiring institution in the resolution of People's Bank & Trust.
How big was People's Bank & Trust when it failed?
People's Bank & Trust had approximately $22.7M in total assets and $22.3M in deposits at the time of failure.
Other failures in 1996
| Date | Bank | Assets |
|---|---|---|
| Aug 16, 1996 | Commonwealth Thrift & Loan | $11.5M |
| Aug 9, 1996 | Union Federal Bank, FSB | $32.6M |
| Jul 12, 1996 | Fairfield First Bank & Trust Co | $57.3M |
| Jun 14, 1996 | First NB of the Panhandle | $68.1M |
| Mar 8, 1996 | Metrobank of Philadelphia | $40.4M |
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