MADISON NATIONAL BANK Failed 1991

WASHINGTON, DC · National commercial bank (OCC-chartered) · view on FDIC BankFind ↗

What happened

MADISON NATIONAL BANK of WASHINGTON, DC was closed on 1991-05-10. The FDIC was named receiver.

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

Deposits were transferred to SIGNET BANK, NATIONAL ASSOC (WASHINGTON, DC). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
3092
FDIC Certificate
18960
FDIC FIN
4352
Bank name
MADISON NATIONAL BANK
Location
WASHINGTON, DC
Failure date
1991-05-10
FDIC resolution date
1991-05-10
Charter type
National commercial bank (OCC-chartered)
Resolution type
Purchase & Assumption — acquiring bank assumed deposits + bought assets
FDIC DIF cost (est.)
$78M
Deposits at failure
$404M
Assets at failure
$474M
Acquiring bank
SIGNET BANK, NATIONAL ASSOC (WASHINGTON, DC)