Bank Failure
Progressive National Bank of Rayne
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Closed March 12, 1992 · Rayne, LA · FDIC Cert #24601.
- Closing date
- March 12, 1992
- Headquarters
- Rayne, LA
- FDIC Certificate
- 24601
- Total assets at closing
- $11.4M
- Total deposits at closing
- $11.2M
- Estimated loss to the insurance fund
- $1.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- St Landry Bank&trust Co
Context
On March 12, 1992, regulators closed Progressive National Bank of Rayne, headquartered in Rayne, LA. At closing, the institution held approximately $11.4M in assets and $11.2M in deposits. The FDIC record names St Landry Bank&trust Co as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $1.7M.
By assets at closing this is the 2718th largest of the 3,526 bank failures in the FDIC record, and the 171st of 179 in 1992. 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 Progressive National Bank of Rayne fail?
Progressive National Bank of Rayne was closed by regulators on March 12, 1992.
Who acquired Progressive National Bank of Rayne?
The FDIC record names St Landry Bank&trust Co as the acquiring institution in the resolution of Progressive National Bank of Rayne.
How big was Progressive National Bank of Rayne when it failed?
Progressive National Bank of Rayne had approximately $11.4M in total assets and $11.2M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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