Bank Failure
The First National Bank of South Charlesto
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Closed November 5, 1982 · South Charleston, WV · FDIC Cert #6799.
- Closing date
- November 5, 1982
- Headquarters
- South Charleston, WV
- FDIC Certificate
- 6799
- Total assets at closing
- $28.6M
- Total deposits at closing
- $27.7M
- Estimated loss to the insurance fund
- $4.6M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Charleston National Bank
Context
On November 5, 1982, regulators closed The First National Bank of South Charlesto, headquartered in South Charleston, WV. At closing, the institution held approximately $28.6M in assets and $27.7M in deposits. The FDIC record names Charleston National Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $4.6M.
By assets at closing this is the 2077th largest of the 3,526 bank failures in the FDIC record, and the 8th of 34 in 1982. 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 South Charlesto fail?
The First National Bank of South Charlesto was closed by regulators on November 5, 1982.
Who acquired The First National Bank of South Charlesto?
The FDIC record names Charleston National Bank as the acquiring institution in the resolution of The First National Bank of South Charlesto.
How big was The First National Bank of South Charlesto when it failed?
The First National Bank of South Charlesto had approximately $28.6M in total assets and $27.7M in deposits at the time of failure.
Other failures in 1982
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1982 | The Security State Bank | $11.6M |
| Dec 10, 1982 | Bollinger County Bank | $15.9M |
| Nov 19, 1982 | North Kansas Sa | $36.5M |
| Nov 19, 1982 | Ranchlander National Bank | $4.3M |
| Nov 12, 1982 | Bank of Quitman | $17.4M |
| Nov 5, 1982 | Texas BK of Amarillo | $13.1M |
| Nov 2, 1982 | Cedar Bluff Bank | $13.7M |
| Oct 8, 1982 | Tri-State Bank | $16.3M |
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