Bank Failure
Steeplechase National Bank
Closed September 17, 1987 · Houston, TX · FDIC Cert #25735.
- Closing date
- September 17, 1987
- Headquarters
- Houston, TX
- FDIC Certificate
- 25735
- Total assets at closing
- $15.9M
- Total deposits at closing
- $14.2M
- Estimated loss to DIF
- $3.7M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Cypress National Bank
Context
On September 17, 1987, regulators closed Steeplechase National Bank, headquartered in Houston, TX. At closing, the institution held approximately $15.9M in assets and $14.2M in deposits. The FDIC arranged a resolution under which Cypress National Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $3.7M.
By assets at closing this is the 2496th largest of the 3,524 bank failures in the FDIC record, and the 126th of 217 in 1987. 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 Steeplechase National Bank fail?
Steeplechase National Bank was closed by regulators on September 17, 1987.
Who acquired Steeplechase National Bank?
Cypress National Bank acquired the failed bank's deposits and operations on September 17, 1987 under an FDIC-brokered resolution.
How big was Steeplechase National Bank when it failed?
Steeplechase National Bank had approximately $15.9M in total assets and $14.2M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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