Bank Failure
Carteret FSB
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Closed December 4, 1992 · Madison, NJ · FDIC Cert #30080.
- Closing date
- December 4, 1992
- Headquarters
- Madison, NJ
- FDIC Certificate
- 30080
- Total assets at closing
- $4.83B
- Total deposits at closing
- $2.72B
- Estimated loss to the insurance fund
- $24.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On December 4, 1992, regulators closed Carteret FSB, headquartered in Madison, NJ. At closing, the institution held approximately $4.83B in assets and $2.72B in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $24.0M.
By assets at closing this is the 42nd largest of the 3,526 bank failures in the FDIC record, and the 3rd 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 Carteret FSB fail?
Carteret FSB was closed by regulators on December 4, 1992.
How big was Carteret FSB when it failed?
Carteret FSB had approximately $4.83B in total assets and $2.72B 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 | Second National, FSB | $1.57B |
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