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Home > Industry Analysis > Failed Banks > Bank Failures & Assistance




Bank Failures & Assistance

1996

(i) Purchase and assumption, insured deposits only; (p) Payoff; (a) Assistance transaction; (b) Bridge bank; (c) Conservatorship; Note: Unmarked entries denote purchase and assumption transactions in which insured and uninsured deposits were taken by the acquiror.

March 11
METROBANK OF PHILADELPHIA N.A., PENNSYLVANIA. Total assets $43.3 million. Total deposits $39.9 million in 1,800 accounts. Insured deposits assumed by Jefferson Bank, Haverford, Pennsylvania. Advanced dividend of 58 percent of the approximately $1.7 million in uninsured claims. (PR-18-96)

MAY 31
PEOPLES'S BANK AND TRUST, BORGER, TEXAS. Total assets $25.3 million. Total deposits $24.1 million in 2,600 accounts. Deposits assumed by Boatmen's First National Bank of Amarillo, Texas. (PR-40-96)

June 14
THE FIRST NATIONAL BANK OF THE PANHANDLE, PANHANDLE, TEXAS. Total assets of $78.7 million and total deposits of $76.1 million. Sun Bank, Sunray, Texas, will assume $40 million in 4,900 accounts and The Plains National Bank of West Texas, Lubbock, Texas, will assume $36.1 million in 2,500 accounts. $752,000 in 102 accounts exceeded the federal insurance limit and was not assumed by either bank. No advanced dividend was provided. (PR-43-96)

July 12
FAIRFIELD FIRST BANK & TRUST COMPANY, SOUTHPORT, CONNECTICUT. Total assets of $60.7 million. Deposits of $57.5 million in 3,800 accounts assumed by Norwalk Savings Society, Norwalk, Connecticut. (PR-51-96)

August 9 [SAIF]
UNION FEDERAL SAVINGS BANK, FSB, LOS ANGELES, CALIFORNIA. Total assets of $34.3 million. Deposits of $30.6 million in 1,000 accounts assumed by Dean Witter Trust FSB, Jersey City ,New Jersey. About $2.1 million in 72 accounts exceeded the insurance limit. No advanced dividend was provided. (PR-60-96)

August 16
COMMONWEALTH THRIFT AND LOAN, TORRANCE, CALIFORNIA. Total assets of $13.1 million. Deposits of $10.8 million in about 370 accounts assumed by Frontier State Bank, Redondo Beach, California. Advance dividend of 45 percent of the approximately $225,000 in uninsured claims. (PR-65-96)

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