Bank Failure
The First National Bank of Colbert
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Closed February 8, 1990 · Colbert, OK · FDIC Cert #4237.
- Closing date
- February 8, 1990
- Headquarters
- Colbert, OK
- FDIC Certificate
- 4237
- Total assets at closing
- $17.9M
- Total deposits at closing
- $16.5M
- Estimated loss to the insurance fund
- $3.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- The Durant Bank & Trust Com
Context
On February 8, 1990, regulators closed The First National Bank of Colbert, headquartered in Colbert, OK. At closing, the institution held approximately $17.9M in assets and $16.5M in deposits. The FDIC record names The Durant Bank & Trust Com as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $3.9M.
By assets at closing this is the 2426th largest of the 3,526 bank failures in the FDIC record, and the 323rd of 381 in 1990. 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 National Bank of Colbert fail?
The First National Bank of Colbert was closed by regulators on February 8, 1990.
Who acquired The First National Bank of Colbert?
The FDIC record names The Durant Bank & Trust Com as the acquiring institution in the resolution of The First National Bank of Colbert.
How big was The First National Bank of Colbert when it failed?
The First National Bank of Colbert had approximately $17.9M in total assets and $16.5M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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