Bank Failure
Sunbelt Savings
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Closed April 26, 1991 · Irving, TX · FDIC Cert #32598.
- Closing date
- April 26, 1991
- Headquarters
- Irving, TX
- FDIC Certificate
- 32598
- Total assets at closing
- $6.04B
- Total deposits at closing
- $4.27B
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $3K is not consistent with a failure of this size)
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of America
Context
On April 26, 1991, regulators closed Sunbelt Savings, headquartered in Irving, TX. At closing, the institution held approximately $6.04B in assets and $4.27B in deposits. The FDIC record names Bank of America as the acquiring institution in the resolution.
By assets at closing this is the 32nd largest of the 3,526 bank failures in the FDIC record, and the 6th 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 Sunbelt Savings fail?
Sunbelt Savings was closed by regulators on April 26, 1991.
Who acquired Sunbelt Savings?
The FDIC record names Bank of America as the acquiring institution in the resolution of Sunbelt Savings.
How big was Sunbelt Savings when it failed?
Sunbelt Savings had approximately $6.04B in total assets and $4.27B 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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