Bank Failure
United Mercantile B & T Co, N.A.
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Closed March 20, 1992 · Pasadena, CA · FDIC Cert #23855.
- Closing date
- March 20, 1992
- Headquarters
- Pasadena, CA
- FDIC Certificate
- 23855
- Total assets at closing
- $36.5M
- Total deposits at closing
- $37.7M
- Estimated loss to the insurance fund
- $12.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Onecentral Bank
Context
On March 20, 1992, regulators closed United Mercantile B & T Co, N.A., headquartered in Pasadena, CA. At closing, the institution held approximately $36.5M in assets and $37.7M in deposits. The FDIC record names Onecentral Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $12.4M.
By assets at closing this is the 1884th largest of the 3,526 bank failures in the FDIC record, and the 133rd of 179 in 1992. 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 United Mercantile B & T Co, N.A. fail?
United Mercantile B & T Co, N.A. was closed by regulators on March 20, 1992.
Who acquired United Mercantile B & T Co, N.A.?
The FDIC record names Onecentral Bank as the acquiring institution in the resolution of United Mercantile B & T Co, N.A.
How big was United Mercantile B & T Co, N.A. when it failed?
United Mercantile B & T Co, N.A. had approximately $36.5M in total assets and $37.7M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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