Bank Failure
Peoples Banking Company
BankRegReports is independent of Peoples Banking Company and never asks for online banking logins or passwords.
Closed March 17, 1981 · Boston, GA · FDIC Cert #16556.
- Closing date
- March 17, 1981
- Headquarters
- Boston, GA
- FDIC Certificate
- 16556
- Total assets at closing
- $8.4M
- Total deposits at closing
- $8.1M
- Estimated loss to the insurance fund
- $435K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Commercial Bank
Context
On March 17, 1981, regulators closed Peoples Banking Company, headquartered in Boston, GA. At closing, the institution held approximately $8.4M in assets and $8.1M in deposits. The FDIC record names Commercial Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $435K.
By assets at closing this is the 2850th largest of the 3,526 bank failures in the FDIC record, and the 6th of 9 in 1981. 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 Peoples Banking Company fail?
Peoples Banking Company was closed by regulators on March 17, 1981.
Who acquired Peoples Banking Company?
The FDIC record names Commercial Bank as the acquiring institution in the resolution of Peoples Banking Company.
How big was Peoples Banking Company when it failed?
Peoples Banking Company had approximately $8.4M in total assets and $8.1M in deposits at the time of failure.
Other failures in 1981
| Date | Bank | Assets |
|---|---|---|
| Oct 30, 1981 | Midtown National Bank | $10.6M |
| Oct 23, 1981 | High Lakes Community Bank | $3.7M |
| Sep 25, 1981 | Southwestern Bank | $5.3M |
| Sep 8, 1981 | First FS&LA of Rochester | $1.20B |
| Jun 19, 1981 | Northwest Commerce Bank | $6.7M |
| May 18, 1981 | Economy S&LA | $73.9M |
| Mar 14, 1981 | The Des Plaines Bank | $46.5M |
| Mar 14, 1981 | South Side Bank | $27.5M |
Explore: all failures · GA bank events · 1981 events · events hub