Bank Failure
Surety Bank and Trust Company
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Closed May 27, 1972 · Wakefield, MA · FDIC Cert #18365.
- Closing date
- May 27, 1972
- Headquarters
- Wakefield, MA
- FDIC Certificate
- 18365
- Total assets at closing
- $22.1M
- Total deposits at closing
- $20.4M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
Context
On May 27, 1972, regulators closed Surety Bank and Trust Company, headquartered in Wakefield, MA. At closing, the institution held approximately $22.1M in assets and $20.4M in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 2267th largest of the 3,526 bank failures in the FDIC record, and the 1st of 1 in 1972. It falls in the period the record labels Postwar Stability (1945-1979), a period with 161 failures peaking at 16 in 1976.
Three decades of regulated calm — Reg Q ceilings, geographic branching limits, and high industry profits kept failures rare.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Surety Bank and Trust Company fail?
Surety Bank and Trust Company was closed by regulators on May 27, 1972.
How big was Surety Bank and Trust Company when it failed?
Surety Bank and Trust Company had approximately $22.1M in total assets and $20.4M in deposits at the time of failure.
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