Bank failure · NM

The Red River Bank (Red River, NM) — failed February 23, 1990

The Red River Bank of Red River, New Mexico was closed on February 23, 1990 and resolved through a purchase and assumption. Centinel Bank of Taos (NM) took over its insured deposits. At failure it held $6.5M in assets and $6.5M in deposits. The FDIC's estimated loss on the failure is $2.1M (32.6% of assets).