Bank Failure
Connecticut Savings and Loan
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Closed January 11, 1991 · Hartford, CT · FDIC Cert #31560.
- Closing date
- January 11, 1991
- Headquarters
- Hartford, CT
- FDIC Certificate
- 31560
- Total assets at closing
- $17.4M
- Total deposits at closing
- $13.7M
- Estimated loss to the insurance fund
- $3.4M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of Boston CT/Bboc
Context
On January 11, 1991, regulators closed Connecticut Savings and Loan, headquartered in Hartford, CT. At closing, the institution held approximately $17.4M in assets and $13.7M in deposits. The FDIC record names Bank of Boston CT/Bboc as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $3.4M.
By assets at closing this is the 2445th largest of the 3,526 bank failures in the FDIC record, and the 246th 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 Connecticut Savings and Loan fail?
Connecticut Savings and Loan was closed by regulators on January 11, 1991.
Who acquired Connecticut Savings and Loan?
The FDIC record names Bank of Boston CT/Bboc as the acquiring institution in the resolution of Connecticut Savings and Loan.
How big was Connecticut Savings and Loan when it failed?
Connecticut Savings and Loan had approximately $17.4M in total assets and $13.7M 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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