Bank Failure
Bay FSB
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Closed September 6, 1991 · West Palm Beach, FL · FDIC Cert #32454.
- Closing date
- September 6, 1991
- Headquarters
- West Palm Beach, FL
- FDIC Certificate
- 32454
- Total assets at closing
- $58.1M
- Total deposits at closing
- $54.1M
- Estimated loss to the insurance fund
- $12.7M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fidelity FSB of FL
Context
On September 6, 1991, regulators closed Bay FSB, headquartered in West Palm Beach, FL. At closing, the institution held approximately $58.1M in assets and $54.1M in deposits. The FDIC record names Fidelity FSB of FL as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $12.7M.
By assets at closing this is the 1550th largest of the 3,526 bank failures in the FDIC record, and the 161st 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 Bay FSB fail?
Bay FSB was closed by regulators on September 6, 1991.
Who acquired Bay FSB?
The FDIC record names Fidelity FSB of FL as the acquiring institution in the resolution of Bay FSB.
How big was Bay FSB when it failed?
Bay FSB had approximately $58.1M in total assets and $54.1M 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 | Bank of East Hartford | $36.6M |
| 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 |
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