Bank Failure
Security Bank of Aurora
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Closed June 2, 1988 · Aurora, CO · FDIC Cert #22111.
- Closing date
- June 2, 1988
- Headquarters
- Aurora, CO
- FDIC Certificate
- 22111
- Total assets at closing
- $10.9M
- Total deposits at closing
- $10.1M
- Estimated loss to the insurance fund
- $694K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Security Bank of Colorad
Context
On June 2, 1988, regulators closed Security Bank of Aurora, headquartered in Aurora, CO. At closing, the institution held approximately $10.9M in assets and $10.1M in deposits. The FDIC record names Security Bank of Colorad as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $694K.
By assets at closing this is the 2733rd largest of the 3,526 bank failures in the FDIC record, and the 199th of 232 in 1988. 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 Security Bank of Aurora fail?
Security Bank of Aurora was closed by regulators on June 2, 1988.
Who acquired Security Bank of Aurora?
The FDIC record names Security Bank of Colorad as the acquiring institution in the resolution of Security Bank of Aurora.
How big was Security Bank of Aurora when it failed?
Security Bank of Aurora had approximately $10.9M in total assets and $10.1M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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