Bank Failure
Community National Bank
Closed January 11, 1991 · Glastonbury, CT · FDIC Cert #26302.
- Closing date
- January 11, 1991
- Headquarters
- Glastonbury, CT
- FDIC Certificate
- 26302
- Total assets at closing
- $85.4M
- Total deposits at closing
- $86.9M
- Estimated loss to DIF
- $26.6M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fleet Bank of Connecticut
Context
On January 11, 1991, regulators closed Community National Bank, headquartered in Glastonbury, CT. At closing, the institution held approximately $85.4M in assets and $86.9M in deposits. The FDIC arranged a resolution under which Fleet Bank of Connecticut acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $26.6M.
By assets at closing this is the 1293rd largest of the 3,524 bank failures in the FDIC record, and the 134th 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 Community National Bank fail?
Community National Bank was closed by regulators on January 11, 1991.
Who acquired Community National Bank?
Fleet Bank of Connecticut acquired the failed bank's deposits and operations on January 11, 1991 under an FDIC-brokered resolution.
How big was Community National Bank when it failed?
Community National Bank had approximately $85.4M in total assets and $86.9M 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 |
Explore: all failures · CT bank events · 1991 events · events hub