Bank Failure
Central Bank
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Closed October 18, 1991 · Meriden, CT · FDIC Cert #17822.
- Closing date
- October 18, 1991
- Headquarters
- Meriden, CT
- FDIC Certificate
- 17822
- Total assets at closing
- $654.7M
- Total deposits at closing
- $627.9M
- Estimated loss to the insurance fund
- $242.1M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Centerbank
Context
On October 18, 1991, regulators closed Central Bank, headquartered in Meriden, CT. At closing, the institution held approximately $654.7M in assets and $627.9M in deposits. The FDIC record names Centerbank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $242.1M.
By assets at closing this is the 303rd largest of the 3,526 bank failures in the FDIC record, and the 45th 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 Central Bank fail?
Central Bank was closed by regulators on October 18, 1991.
Who acquired Central Bank?
The FDIC record names Centerbank as the acquiring institution in the resolution of Central Bank.
How big was Central Bank when it failed?
Central Bank had approximately $654.7M in total assets and $627.9M 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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