Bank Failure
The First Nat BK of Danvers
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Closed August 5, 1983 · Danvers, IL · FDIC Cert #3643.
- Closing date
- August 5, 1983
- Headquarters
- Danvers, IL
- FDIC Certificate
- 3643
- Total assets at closing
- $12.5M
- Total deposits at closing
- $11.7M
- Estimated loss to the insurance fund
- $3.2M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First State Bank of Danv
Context
On August 5, 1983, regulators closed The First Nat BK of Danvers, headquartered in Danvers, IL. At closing, the institution held approximately $12.5M in assets and $11.7M in deposits. The FDIC record names First State Bank of Danv as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $3.2M.
By assets at closing this is the 2654th largest of the 3,526 bank failures in the FDIC record, and the 43rd of 50 in 1983. 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 First Nat BK of Danvers fail?
The First Nat BK of Danvers was closed by regulators on August 5, 1983.
Who acquired The First Nat BK of Danvers?
The FDIC record names First State Bank of Danv as the acquiring institution in the resolution of The First Nat BK of Danvers.
How big was The First Nat BK of Danvers when it failed?
The First Nat BK of Danvers had approximately $12.5M in total assets and $11.7M in deposits at the time of failure.
Other failures in 1983
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1983 | The Bank of Red Oak | $11.1M |
| Dec 13, 1983 | Bank of Hackleburg | $6.5M |
| Dec 9, 1983 | Union Trust Company | $30.6M |
| Dec 2, 1983 | Metro FS&LA | $27.4M |
| Nov 25, 1983 | Atkinson Trust & Savings Bank | $21.1M |
| Nov 11, 1983 | First Nat BK of Browning | $13.7M |
| Nov 3, 1983 | State of Clovis, Sa | $30.9M |
| Oct 28, 1983 | Cleveland Community Savings Co. | $21.0M |
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