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 | Assets |
|---|---|---|
| Dec 10, 1999 | Golden City Commercial Bank | $87.2M |
| Nov 22, 1999 | Pacific Thrift and Loan Co | $127.3M |
| Sep 1, 1999 | First NB of Keystone | $1.12B |
| Jul 9, 1999 | East Texas NB of Marshall | $121.6M |
| Jul 9, 1999 | Oceanmark Bank, a FSB | $69.0M |
| Apr 23, 1999 | Zia New Mexico Bank | $17.3M |
| Mar 26, 1999 | Victory State Bank | $13.2M |
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