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Bank Failure

Peoples NB of Commerce

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Closed September 10, 1999 · Miami, FL · FDIC Cert #18147.

Closing date
September 10, 1999
Headquarters
Miami, FL
FDIC Certificate
18147
Total assets at closing
$36.8M
Total deposits at closing
$35.9M
Estimated loss to the insurance fund
$3.3M
Insurance fund
Bank Insurance Fund (BIF)
Resolution
Failure (closed by regulators)
Acquirer
Boston Bank of Commerce

Context

On September 10, 1999, regulators closed Peoples NB of Commerce, headquartered in Miami, FL. At closing, the institution held approximately $36.8M in assets and $35.9M in deposits. The FDIC record names Boston Bank of Commerce as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $3.3M.

By assets at closing this is the 1873rd largest of the 3,526 bank failures in the FDIC record, and the 6th of 8 in 1999. 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 Peoples NB of Commerce fail?

Peoples NB of Commerce was closed by regulators on September 10, 1999.

Who acquired Peoples NB of Commerce?

The FDIC record names Boston Bank of Commerce as the acquiring institution in the resolution of Peoples NB of Commerce.

How big was Peoples NB of Commerce when it failed?

Peoples NB of Commerce had approximately $36.8M in total assets and $35.9M in deposits at the time of failure.

Other failures in 1999

Date Bank HQ Assets
Dec 10, 1999 Golden City Commercial Bank New York, NY $87.2M
Nov 22, 1999 Pacific Thrift and Loan Co Woodland Hills, CA $127.3M
Sep 1, 1999 First NB of Keystone Keystone, WV $1.12B
Jul 9, 1999 East Texas NB of Marshall Marshall, TX $121.6M
Jul 9, 1999 Oceanmark Bank, a FSB North Miami Beach, FL $69.0M
Apr 23, 1999 Zia New Mexico Bank Tucumcari, NM $17.3M
Mar 26, 1999 Victory State Bank Columbia, SC $13.2M