Bank Failure
Coastal FSB
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Closed June 19, 1992 · New London, CT · FDIC Cert #29541.
- Closing date
- June 19, 1992
- Headquarters
- New London, CT
- FDIC Certificate
- 29541
- Total assets at closing
- $238.2M
- Total deposits at closing
- $224.5M
- Estimated loss to the insurance fund
- $5.9M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On June 19, 1992, regulators closed Coastal FSB, headquartered in New London, CT. At closing, the institution held approximately $238.2M in assets and $224.5M 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 $5.9M.
By assets at closing this is the 673rd largest of the 3,526 bank failures in the FDIC record, and the 55th 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 Coastal FSB fail?
Coastal FSB was closed by regulators on June 19, 1992.
How big was Coastal FSB when it failed?
Coastal FSB had approximately $238.2M in total assets and $224.5M 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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