Bank Failure
The McKinley Bank
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Closed February 22, 1991 · Niles, OH · FDIC Cert #27170.
- Closing date
- February 22, 1991
- Headquarters
- Niles, OH
- FDIC Certificate
- 27170
- Total assets at closing
- $70.6M
- Total deposits at closing
- $65.6M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- The Dollar Savings & Trust
Context
On February 22, 1991, regulators closed The McKinley Bank, headquartered in Niles, OH. At closing, the institution held approximately $70.6M in assets and $65.6M in deposits. The FDIC record names The Dollar Savings & Trust as the acquiring institution in the resolution.
By assets at closing this is the 1422nd largest of the 3,526 bank failures in the FDIC record, and the 146th 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 McKinley Bank fail?
The McKinley Bank was closed by regulators on February 22, 1991.
Who acquired The McKinley Bank?
The FDIC record names The Dollar Savings & Trust as the acquiring institution in the resolution of The McKinley Bank.
How big was The McKinley Bank when it failed?
The McKinley Bank had approximately $70.6M in total assets and $65.6M 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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