Bank Failure
The First Bank of Westmont
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Closed May 24, 1963 · Westmont, IL .
- Closing date
- May 24, 1963
- Headquarters
- Westmont, IL
- Total assets at closing
- $7.1M
- Total deposits at closing
- $6.7M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
Context
On May 24, 1963, regulators closed The First Bank of Westmont, headquartered in Westmont, IL. At closing, the institution held approximately $7.1M in assets and $6.7M in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 2907th largest of the 3,526 bank failures in the FDIC record, and the 2nd of 2 in 1963. It falls in the period the record labels Postwar Stability (1945-1979), a period with 161 failures peaking at 16 in 1976.
Three decades of regulated calm — Reg Q ceilings, geographic branching limits, and high industry profits kept failures rare.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did The First Bank of Westmont fail?
The First Bank of Westmont was closed by regulators on May 24, 1963.
How big was The First Bank of Westmont when it failed?
The First Bank of Westmont had approximately $7.1M in total assets and $6.7M in deposits at the time of failure.
Other failures in 1963
| Date | Bank | Assets |
|---|---|---|
| Aug 23, 1963 | Chatham Bank of Chicago | $19.1M |
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