Bank Failure
Smith County Bank
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Closed May 6, 1983 · Carthage, TN · FDIC Cert #1483.
- Closing date
- May 6, 1983
- Headquarters
- Carthage, TN
- FDIC Certificate
- 1483
- Total assets at closing
- $33.0M
- Total deposits at closing
- $30.9M
- Estimated loss to the insurance fund
- $4.7M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Murfreesboro Bank&trust
Context
On May 6, 1983, regulators closed Smith County Bank, headquartered in Carthage, TN. At closing, the institution held approximately $33.0M in assets and $30.9M in deposits. The FDIC record names Murfreesboro Bank&trust as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $4.7M.
By assets at closing this is the 1971st largest of the 3,526 bank failures in the FDIC record, and the 20th of 50 in 1983. 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 Smith County Bank fail?
Smith County Bank was closed by regulators on May 6, 1983.
Who acquired Smith County Bank?
The FDIC record names Murfreesboro Bank&trust as the acquiring institution in the resolution of Smith County Bank.
How big was Smith County Bank when it failed?
Smith County Bank had approximately $33.0M in total assets and $30.9M in deposits at the time of failure.
Other failures in 1983
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1983 | The Bank of Red Oak | $11.1M |
| Dec 13, 1983 | Bank of Hackleburg | $6.5M |
| Dec 9, 1983 | Union Trust Company | $30.6M |
| Dec 2, 1983 | Metro FS&LA | $27.4M |
| Nov 25, 1983 | Atkinson Trust & Savings Bank | $21.1M |
| Nov 11, 1983 | First Nat BK of Browning | $13.7M |
| Nov 3, 1983 | State of Clovis, Sa | $30.9M |
| Oct 28, 1983 | Cleveland Community Savings Co. | $21.0M |
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