Bank Failure
The Citizens Bank of Pagosa Springs
Closed October 25, 1991 · Pagosa Springs, CO · FDIC Cert #10413.
- Closing date
- October 25, 1991
- Headquarters
- Pagosa Springs, CO
- FDIC Certificate
- 10413
- Total assets at closing
- $17.3M
- Total deposits at closing
- $16.6M
- Estimated loss to DIF
- $2.1M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citizens Bank of Pagosa SPR
Context
On October 25, 1991, regulators closed The Citizens Bank of Pagosa Springs, headquartered in Pagosa Springs, CO. At closing, the institution held approximately $17.3M in assets and $16.6M in deposits. The FDIC arranged a resolution under which Citizens Bank of Pagosa SPR acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $2.1M.
By assets at closing this is the 2447th largest of the 3,524 bank failures in the FDIC record, and the 247th 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 The Citizens Bank of Pagosa Springs fail?
The Citizens Bank of Pagosa Springs was closed by regulators on October 25, 1991.
Who acquired The Citizens Bank of Pagosa Springs?
Citizens Bank of Pagosa SPR acquired the failed bank's deposits and operations on October 25, 1991 under an FDIC-brokered resolution.
How big was The Citizens Bank of Pagosa Springs when it failed?
The Citizens Bank of Pagosa Springs had approximately $17.3M in total assets and $16.6M 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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