Bank Failure
The Parnassus National Bank
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Closed August 25, 1951 · New Kensington, PA .
- Closing date
- August 25, 1951
- Headquarters
- New Kensington, PA
- Total assets at closing
- $2.9M
- Total deposits at closing
- $3.3M
- 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 August 25, 1951, regulators closed The Parnassus National Bank, headquartered in New Kensington, PA. At closing, the institution held approximately $2.9M in assets and $3.3M in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 3064th largest of the 3,526 bank failures in the FDIC record, and the 1st of 2 in 1951. 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 Parnassus National Bank fail?
The Parnassus National Bank was closed by regulators on August 25, 1951.
How big was The Parnassus National Bank when it failed?
The Parnassus National Bank had approximately $2.9M in total assets and $3.3M in deposits at the time of failure.
Other failures in 1951
| Date | Bank | Assets |
|---|---|---|
| Jan 22, 1951 | Brazeau Bank | $144K |
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