FIRST EASTERN BANK & TRUST COMPANY Failed 1989

NEW ORLEANS, LA · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

FIRST EASTERN BANK & TRUST COMPANY of NEW ORLEANS, LA was closed on 1989-05-24. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to PEOPLES BANK & TRUST COMPAN (CHALMETTE, LA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
2377
FDIC Certificate
24595
FDIC FIN
4022
Bank name
FIRST EASTERN BANK & TRUST COMPANY
Location
NEW ORLEANS, LA
Failure date
1989-05-24
FDIC resolution date
1989-05-24
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.)
$8M
Deposits at failure
$29M
Assets at failure
$29M
Acquiring bank
PEOPLES BANK & TRUST COMPAN (CHALMETTE, LA)