FIRST EXCHANGE BANK OF MADISON COUNTY Failed 1992

What happened

FIRST EXCHANGE BANK OF MADISON COUNTY of FREDERICKTOWN, MO was closed on 1992-05-07. The FDIC was named receiver.

Resolution: Payout / Insured deposits — FDIC paid insured deposits directly to depositors

Deposits were transferred to COMMERCE BK ST FRANCOIS (FARMINGTON, MO). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3320

FDIC Certificate

24242

FDIC FIN

4486

Bank name

FIRST EXCHANGE BANK OF MADISON COUNTY

Location

FREDERICKTOWN, MO

Failure date

1992-05-07

FDIC resolution date

1992-05-07

Charter type

State commercial bank, Federal Reserve member

Resolution type

Payout / Insured deposits — FDIC paid insured deposits directly to depositors

FDIC DIF cost (est.)

$2M

Deposits at failure

$34M

Assets at failure

$35M

Acquiring bank

COMMERCE BK ST FRANCOIS (FARMINGTON, MO)