Bank Failure
Southwest Bank
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Closed November 21, 1997 · Jennings, LA · FDIC Cert #18338.
- Closing date
- November 21, 1997
- Headquarters
- Jennings, LA
- FDIC Certificate
- 18338
- Total assets at closing
- $27.9M
- Total deposits at closing
- $27.5M
- Estimated loss to the insurance fund
- $5.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Southwest Bank
Context
On November 21, 1997, regulators closed Southwest Bank, headquartered in Jennings, LA. At closing, the institution held approximately $27.9M in assets and $27.5M in deposits. The FDIC record names First Southwest Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.0M.
By assets at closing this is the 2098th largest of the 3,526 bank failures in the FDIC record, and the 1st of 1 in 1997. 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 Southwest Bank fail?
Southwest Bank was closed by regulators on November 21, 1997.
Who acquired Southwest Bank?
The FDIC record names First Southwest Bank as the acquiring institution in the resolution of Southwest Bank.
How big was Southwest Bank when it failed?
Southwest Bank had approximately $27.9M in total assets and $27.5M in deposits at the time of failure.
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