SOVEREIGN SB Failed 1991
What happened
SOVEREIGN SB of PALM HARBOR, FL was closed on 1991-03-15. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to FIFTH THIRD SB, FSB (PALM HARBOR, FL). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3044
- FDIC Certificate
- 32514
- FDIC FIN
- 7449
- Bank name
- SOVEREIGN SB
- Location
- PALM HARBOR, FL
- Failure date
- 1991-03-15
- FDIC resolution date
- 1991-09-13
- Charter type
- SL
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $3M
- Deposits at failure
- $34M
- Assets at failure
- $39M
- Acquiring bank
- FIFTH THIRD SB, FSB (PALM HARBOR, FL)