Bank Failure
Southwest National Bank
BankRegReports is independent of Southwest National Bank and never asks for online banking logins or passwords.
Closed February 21, 1991 · Albuquerque, NM · FDIC Cert #21985.
- Closing date
- February 21, 1991
- Headquarters
- Albuquerque, NM
- FDIC Certificate
- 21985
- Total assets at closing
- $37.2M
- Total deposits at closing
- $36.5M
- Estimated loss to the insurance fund
- $4.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- The Bank of New Mexico, SPR
Context
On February 21, 1991, regulators closed Southwest National Bank, headquartered in Albuquerque, NM. At closing, the institution held approximately $37.2M in assets and $36.5M in deposits. The FDIC record names The Bank of New Mexico, SPR as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $4.7M.
By assets at closing this is the 1863rd largest of the 3,526 bank failures in the FDIC record, and the 192nd 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 Southwest National Bank fail?
Southwest National Bank was closed by regulators on February 21, 1991.
Who acquired Southwest National Bank?
The FDIC record names The Bank of New Mexico, SPR as the acquiring institution in the resolution of Southwest National Bank.
How big was Southwest National Bank when it failed?
Southwest National Bank had approximately $37.2M in total assets and $36.5M 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 |
Explore: all failures · NM bank events · 1991 events · events hub