Bank Failure
Union Trust Company
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Closed December 9, 1983 · San Juan, PR · FDIC Cert #23674.
- Closing date
- December 9, 1983
- Headquarters
- San Juan, PR
- FDIC Certificate
- 23674
- Total assets at closing
- $30.6M
- Total deposits at closing
- $25.7M
- Estimated loss to the insurance fund
- $9.2M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Banco Popular de Puerto
Context
On December 9, 1983, regulators closed Union Trust Company, headquartered in San Juan, PR. At closing, the institution held approximately $30.6M in assets and $25.7M in deposits. The FDIC record names Banco Popular de Puerto as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $9.2M.
By assets at closing this is the 2043rd largest of the 3,526 bank failures in the FDIC record, and the 24th 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 Union Trust Company fail?
Union Trust Company was closed by regulators on December 9, 1983.
Who acquired Union Trust Company?
The FDIC record names Banco Popular de Puerto as the acquiring institution in the resolution of Union Trust Company.
How big was Union Trust Company when it failed?
Union Trust Company had approximately $30.6M in total assets and $25.7M 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 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 |
| Oct 14, 1983 | The First Nat BK of Midland | $1.41B |
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