Bank Failure
The Commonwealth Bank
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Closed April 12, 1989 · Bellaire, TX · FDIC Cert #22151.
- Closing date
- April 12, 1989
- Headquarters
- Bellaire, TX
- FDIC Certificate
- 22151
- Total assets at closing
- $65.8M
- Total deposits at closing
- $57.2M
- Estimated loss to the insurance fund
- $6.9M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Park National Bank of Houst
Context
On April 12, 1989, regulators closed The Commonwealth Bank, headquartered in Bellaire, TX. At closing, the institution held approximately $65.8M in assets and $57.2M in deposits. The FDIC record names Park National Bank of Houst as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $6.9M.
By assets at closing this is the 1459th largest of the 3,526 bank failures in the FDIC record, and the 276th of 530 in 1989. 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 Commonwealth Bank fail?
The Commonwealth Bank was closed by regulators on April 12, 1989.
Who acquired The Commonwealth Bank?
The FDIC record names Park National Bank of Houst as the acquiring institution in the resolution of The Commonwealth Bank.
How big was The Commonwealth Bank when it failed?
The Commonwealth Bank had approximately $65.8M in total assets and $57.2M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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