Bank Failure
Connecticut Bank of Commerce
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Closed June 26, 2002 · Stamford, CT · FDIC Cert #19183.
- Closing date
- June 26, 2002
- Headquarters
- Stamford, CT
- FDIC Certificate
- 19183
- Total assets at closing
- $384.2M
- Total deposits at closing
- $344.4M
- Estimated loss to the insurance fund
- $53.8M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Hudson United Bank
Context
On June 26, 2002, regulators closed Connecticut Bank of Commerce, headquartered in Stamford, CT. At closing, the institution held approximately $384.2M in assets and $344.4M in deposits. The FDIC record names Hudson United Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $53.8M.
By assets at closing this is the 469th largest of the 3,526 bank failures in the FDIC record, and the 3rd of 11 in 2002. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Connecticut Bank of Commerce fail?
Connecticut Bank of Commerce was closed by regulators on June 26, 2002.
Who acquired Connecticut Bank of Commerce?
The FDIC record names Hudson United Bank as the acquiring institution in the resolution of Connecticut Bank of Commerce.
How big was Connecticut Bank of Commerce when it failed?
Connecticut Bank of Commerce had approximately $384.2M in total assets and $344.4M in deposits at the time of failure.
Other failures in 2002
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2002 | The Farmers Bank & Trust of Cheneyville | $35.3M |
| Nov 8, 2002 | Bank of Alamo | $58.5M |
| Sep 30, 2002 | Amtrade International Bank of Georgia | $92.1M |
| Jun 27, 2002 | Universal FSB | $51.6M |
| Mar 28, 2002 | New Century Bank | $21.1M |
| Mar 1, 2002 | Net First National Bank | $37.2M |
| Feb 7, 2002 | Nextbank | $700.2M |
| Feb 1, 2002 | Oakwood Deposit Bank | $72.3M |
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