SOUTHWEST NATIONAL BANK Failed 1991

What happened

SOUTHWEST NATIONAL BANK of ALBUQUERQUE, NM was closed on 1991-02-21. The FDIC was named receiver.

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

Deposits were transferred to THE BANK OF NEW MEXICO, SPR (SPRINGER, NM). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3020

FDIC Certificate

21985

FDIC FIN

4325

Bank name

SOUTHWEST NATIONAL BANK

Location

ALBUQUERQUE, NM

Failure date

1991-02-21

FDIC resolution date

1991-02-21

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$5M

Deposits at failure

$36M

Assets at failure

$37M

Acquiring bank

THE BANK OF NEW MEXICO, SPR (SPRINGER, NM)