Bank Failure
Burritt Interfinancial Bancorporation
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Closed December 4, 1992 · New Britain, CT · FDIC Cert #18245.
- Closing date
- December 4, 1992
- Headquarters
- New Britain, CT
- FDIC Certificate
- 18245
- Total assets at closing
- $523.9M
- Total deposits at closing
- $506.0M
- Estimated loss to the insurance fund
- $79.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Derby Savings Bank
Context
On December 4, 1992, regulators closed Burritt Interfinancial Bancorporation, headquartered in New Britain, CT. At closing, the institution held approximately $523.9M in assets and $506.0M in deposits. The FDIC record names Derby Savings Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $79.0M.
By assets at closing this is the 362nd largest of the 3,526 bank failures in the FDIC record, and the 31st of 179 in 1992. 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 Burritt Interfinancial Bancorporation fail?
Burritt Interfinancial Bancorporation was closed by regulators on December 4, 1992.
Who acquired Burritt Interfinancial Bancorporation?
The FDIC record names Derby Savings Bank as the acquiring institution in the resolution of Burritt Interfinancial Bancorporation.
How big was Burritt Interfinancial Bancorporation when it failed?
Burritt Interfinancial Bancorporation had approximately $523.9M in total assets and $506.0M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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