Bank Failure
Sovereign SB
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Closed March 15, 1991 · Palm Harbor, FL · FDIC Cert #32514.
- Closing date
- March 15, 1991
- Headquarters
- Palm Harbor, FL
- FDIC Certificate
- 32514
- Total assets at closing
- $38.9M
- Total deposits at closing
- $33.8M
- Estimated loss to the insurance fund
- $3.4M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fifth Third SB, FSB
Context
On March 15, 1991, regulators closed Sovereign SB, headquartered in Palm Harbor, FL. At closing, the institution held approximately $38.9M in assets and $33.8M in deposits. The FDIC record names Fifth Third SB, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $3.4M.
By assets at closing this is the 1838th largest of the 3,526 bank failures in the FDIC record, and the 190th 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 Sovereign SB fail?
Sovereign SB was closed by regulators on March 15, 1991.
Who acquired Sovereign SB?
The FDIC record names Fifth Third SB, FSB as the acquiring institution in the resolution of Sovereign SB.
How big was Sovereign SB when it failed?
Sovereign SB had approximately $38.9M in total assets and $33.8M 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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