Data / Bank failures / 1991 / Southwest National Bank
Southwest National Bank, Albuquerque, NM: failed February 21, 1991
Southwest National Bank in Albuquerque, New Mexico, failed on February 21, 1991. The Bank of New Mexico, SPR of Springer, NM, took over its deposits. It held $37.2 million in assets and $36.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $4.7 million (12.6% of its assets). By assets it was the 192nd largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- February 21, 1991
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- The Bank of New Mexico, SPR, Springer, NM
- Total assets
- $37,236,000
- Total deposits
- $36,461,000
- Estimated cost to the FDIC
- $4,689,581 (estimate as of July 31, 2026)
- Charter
- National bank (supervised by the OCC)
- Insurance fund
- BIF
- FDIC certificate
- 21985
Other bank failures in New Mexico, 1989 to 1993
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Liberty National Bank | Lovington | May 23, 1991 | $51.4 million | $51.6 million | $3.9 million | Western Commerce Bank |
| Security FS & La of Albuquerque | Albuquerque | May 3, 1991 | $261.7 million | $193.4 million | $29.4 million | |
| American Bank, National Association | Rio Rancho | January 22, 1991 | $20.7 million | $23.3 million | $10.9 million | United New Mexico Bank at A |
| First Federal Savings Assoc. | Las Vegas | November 16, 1990 | $55.4 million | $41.4 million | $14.4 million | Bank of NM, & Las Vegas |
| First American Savings Bank, FSB | Santa Fe | August 31, 1990 | $123.6 million | $108.9 million | $57.4 million | |
| Security Federal Savings Bank | Carlsbad | May 4, 1990 | $26.9 million | $34.2 million | $15.5 million | Western Commerce Bank |
| The Red River Bank | Red River | February 23, 1990 | $6.5 million | $6.6 million | $2.1 million | Centinel Bank of Taos |
| The Bank of Ruidoso | Ruidoso | February 23, 1990 | $27.8 million | $26.5 million | $12.7 million | United New Mexico Bank at A |
All bank failures in 1991 · All bank failures in New Mexico · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.