COLONIAL BANK Failed 1988
What happened
COLONIAL BANK of NEW ORLEANS, LA was closed on 1988-01-14. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to PONTCHARTRAIN STATE BANK (METAIRIE, LA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1600
- FDIC Certificate
- 19779
- FDIC FIN
- 2771
- Bank name
- COLONIAL BANK
- Location
- NEW ORLEANS, LA
- Failure date
- 1988-01-14
- FDIC resolution date
- 1988-01-14
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $3M
- Deposits at failure
- $50M
- Assets at failure
- $50M
- Acquiring bank
- PONTCHARTRAIN STATE BANK (METAIRIE, LA)
Other banks PONTCHARTRAIN STATE BANK acquired in FDIC resolutions