Bank Failure
Southeast Bank, N.A.
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Closed September 19, 1991 · Miami, FL · FDIC Cert #3575.
- Closing date
- September 19, 1991
- Headquarters
- Miami, FL
- FDIC Certificate
- 3575
- Total assets at closing
- $11.03B
- Total deposits at closing
- $8.91B
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $0 is not consistent with a failure of this size)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Union National Bank O
Context
On September 19, 1991, regulators closed Southeast Bank, N.A., headquartered in Miami, FL. At closing, the institution held approximately $11.03B in assets and $8.91B in deposits. The FDIC record names First Union National Bank O as the acquiring institution in the resolution.
By assets at closing this is the 15th largest of the 3,526 bank failures in the FDIC record, and the 2nd of 268 in 1991. 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 Southeast Bank, N.A. fail?
Southeast Bank, N.A. was closed by regulators on September 19, 1991.
Who acquired Southeast Bank, N.A.?
The FDIC record names First Union National Bank O as the acquiring institution in the resolution of Southeast Bank, N.A.
How big was Southeast Bank, N.A. when it failed?
Southeast Bank, N.A. had approximately $11.03B in total assets and $8.91B in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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