# FIRST EASTERN BANK & TRUST COMPANY

> **Failed bank** · NEW ORLEANS, LA · failed 1989-05-24 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $8M

## What happened

FIRST EASTERN BANK & TRUST COMPANY of NEW ORLEANS, LA was closed by regulators 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
- **Estimated FDIC DIF cost:** $8M
- **Deposits at failure:** $29M
- **Assets at failure:** $29M
- **Acquiring bank:** PEOPLES BANK & TRUST COMPAN (CHALMETTE, LA)

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=FIRST%20EASTERN%20BANK%20%26%20TRUST%20COMPANY

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, FIRST EASTERN BANK & TRUST COMPANY (FDIC ID 2377), failed 1989-05-24. Retrieved via AI Analytics 2026-05-18 from https://api.ai-analytics.org/failed-bank/2377.

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*[FDIC failures dataset](/datasets/fdic-failures) · CC0 1.0*