6 failures ยท $197 million in assets
Bank failures in 1971
Six insured banks failed in 1971, down from 7 in 1970. Together they reported $197 million in assets, with no estimated loss recorded. The largest was Birmingham Bloomfield Bank of Birmingham, Michigan, at $110 million. The FDIC also recorded one assistance transaction that year, kept open rather than closed, and listed separately below.
Week by week
- $1 billion or more
- $100 million to $1 billion
- under $100 million
| Closed | Bank | Location | Total assets | Est. loss |
|---|---|---|---|---|
| January 25, 1971 | Sharpstown State Bank | Houston, TX | $78.9 million | not estimated |
| February 16, 1971 | Birmingham Bloomfield Bank | Birmingham, MI | $110 million | not estimated |
| February 17, 1971 | Farmers State Bank of Carlock | Carlock, IL | $2.2 million | not estimated |
| April 5, 1971 | Bank of Salem | Salem, NE | $679 thousand | not estimated |
| November 30, 1971 | The First National Bank of Cripple Creek | Cripple Creek, CO | $1.3 million | not estimated |
| December 30, 1971 | First Community State Bank of Savannah | Savannah, MO | $3.7 million | not estimated |
Assistance transactions in 1971
In these cases the FDIC or another insurer gave financial help to an insured institution instead of closing it outright. They are not counted as failures on this site.
| Closed | Bank | Location | Total assets | Est. loss |
|---|---|---|---|---|
| July 27, 1971 | Unity Bank & Trust Company | Boston (Roxbury), MA | not reported | not estimated |