Bank Failure
Surety FS & La
BankRegReports is independent of Surety FS & La and never asks for online banking logins or passwords.
Closed July 9, 1991 · Morganton, NC · FDIC Cert #32566.
- Closing date
- July 9, 1991
- Headquarters
- Morganton, NC
- FDIC Certificate
- 32566
- Total assets at closing
- $224.8M
- Total deposits at closing
- $163.4M
- Estimated loss to the insurance fund
- $1.8M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Citizens B&TC
Context
On July 9, 1991, regulators closed Surety FS & La, headquartered in Morganton, NC. At closing, the institution held approximately $224.8M in assets and $163.4M in deposits. The FDIC record names First Citizens B&TC as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $1.8M.
By assets at closing this is the 701st largest of the 3,526 bank failures in the FDIC record, and the 83rd 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 Surety FS & La fail?
Surety FS & La was closed by regulators on July 9, 1991.
Who acquired Surety FS & La?
The FDIC record names First Citizens B&TC as the acquiring institution in the resolution of Surety FS & La.
How big was Surety FS & La when it failed?
Surety FS & La had approximately $224.8M in total assets and $163.4M 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 · NC bank events · 1991 events · events hub