Bank Failure
The Corning Bank
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Closed June 15, 1984 · Corning, AR · FDIC Cert #5631.
- Closing date
- June 15, 1984
- Headquarters
- Corning, AR
- FDIC Certificate
- 5631
- Total assets at closing
- $32.0M
- Total deposits at closing
- $30.6M
- Estimated loss to the insurance fund
- $13.8M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Corning Bank
Context
On June 15, 1984, regulators closed The Corning Bank, headquartered in Corning, AR. At closing, the institution held approximately $32.0M in assets and $30.6M in deposits. The FDIC record names Corning Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $13.8M.
By assets at closing this is the 1997th largest of the 3,526 bank failures in the FDIC record, and the 25th of 83 in 1984. 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 Corning Bank fail?
The Corning Bank was closed by regulators on June 15, 1984.
Who acquired The Corning Bank?
The FDIC record names Corning Bank as the acquiring institution in the resolution of The Corning Bank.
How big was The Corning Bank when it failed?
The Corning Bank had approximately $32.0M in total assets and $30.6M in deposits at the time of failure.
Other failures in 1984
| Date | Bank | Assets |
|---|---|---|
| Dec 22, 1984 | First Security Bank | $13.4M |
| Dec 20, 1984 | The Farmers State Bank | $14.6M |
| Dec 18, 1984 | Uehling State Bank | $4.2M |
| Dec 11, 1984 | University Bank of Wichita | $4.7M |
| Dec 7, 1984 | San Marino S&LA | $856.8M |
| Dec 7, 1984 | Farmers State BK of Holyoke | $3.9M |
| Dec 4, 1984 | Golden Spike State Bank | $7.8M |
| Nov 30, 1984 | The Dayton BK & TR Co. | $51.4M |
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