Bank Failure
Connecticut Savings Bank
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Closed November 14, 1991 · New Haven, CT · FDIC Cert #18239.
- Closing date
- November 14, 1991
- Headquarters
- New Haven, CT
- FDIC Certificate
- 18239
- Total assets at closing
- $1.04B
- Total deposits at closing
- $897.7M
- Estimated loss to the insurance fund
- $203.5M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Centerbank
Context
On November 14, 1991, regulators closed Connecticut Savings Bank, headquartered in New Haven, CT. At closing, the institution held approximately $1.04B in assets and $897.7M 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 $203.5M.
By assets at closing this is the 201st largest of the 3,526 bank failures in the FDIC record, and the 32nd 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 Bank fail?
Connecticut Savings Bank was closed by regulators on November 14, 1991.
Who acquired Connecticut Savings Bank?
The FDIC record names Centerbank as the acquiring institution in the resolution of Connecticut Savings Bank.
How big was Connecticut Savings Bank when it failed?
Connecticut Savings Bank had approximately $1.04B in total assets and $897.7M 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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