Bank failure · LA

Colonial Bank (New Orleans, LA) — failed January 14, 1988

Colonial Bank of New Orleans, Louisiana was closed on January 14, 1988 and resolved through a purchase and assumption. Pontchartrain State Bank (LA) took over its insured deposits. At failure it held $50.2M in assets and $50.4M in deposits. The FDIC's estimated loss on the failure is $3.4M (6.8% of assets).