Bank Failure
The Cosmopolitan National Bank of Chicago
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Closed May 17, 1991 · Chicago, IL · FDIC Cert #15404.
- Closing date
- May 17, 1991
- Headquarters
- Chicago, IL
- FDIC Certificate
- 15404
- Total assets at closing
- $110.1M
- Total deposits at closing
- $108.5M
- Estimated loss to the insurance fund
- $14.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Cosmopolitan Bank and Trust
Context
On May 17, 1991, regulators closed The Cosmopolitan National Bank of Chicago, headquartered in Chicago, IL. At closing, the institution held approximately $110.1M in assets and $108.5M in deposits. The FDIC record names Cosmopolitan Bank and Trust as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $14.9M.
By assets at closing this is the 1137th largest of the 3,526 bank failures in the FDIC record, and the 121st 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 Cosmopolitan National Bank of Chicago fail?
The Cosmopolitan National Bank of Chicago was closed by regulators on May 17, 1991.
Who acquired The Cosmopolitan National Bank of Chicago?
The FDIC record names Cosmopolitan Bank and Trust as the acquiring institution in the resolution of The Cosmopolitan National Bank of Chicago.
How big was The Cosmopolitan National Bank of Chicago when it failed?
The Cosmopolitan National Bank of Chicago had approximately $110.1M in total assets and $108.5M 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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