Bank Failure
Bank of East Hartford
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Closed December 13, 1991 · East Hartford, CT · FDIC Cert #27151.
- Closing date
- December 13, 1991
- Headquarters
- East Hartford, CT
- FDIC Certificate
- 27151
- Total assets at closing
- $36.6M
- Total deposits at closing
- $38.4M
- Estimated loss to the insurance fund
- $12.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of South Windsor
Context
On December 13, 1991, regulators closed Bank of East Hartford, headquartered in East Hartford, CT. At closing, the institution held approximately $36.6M in assets and $38.4M in deposits. The FDIC record names Bank of South Windsor as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $12.9M.
By assets at closing this is the 1878th largest of the 3,526 bank failures in the FDIC record, and the 194th of 268 in 1991. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Bank of East Hartford fail?
Bank of East Hartford was closed by regulators on December 13, 1991.
Who acquired Bank of East Hartford?
The FDIC record names Bank of South Windsor as the acquiring institution in the resolution of Bank of East Hartford.
How big was Bank of East Hartford when it failed?
Bank of East Hartford had approximately $36.6M in total assets and $38.4M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
| Nov 26, 1991 | First National Bank of Miami | $40.5M |
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