Bank Failure
Cooper River, FSA
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Closed June 5, 1992 · North Charleston, SC · FDIC Cert #28847.
- Closing date
- June 5, 1992
- Headquarters
- North Charleston, SC
- FDIC Certificate
- 28847
- Total assets at closing
- $228.9M
- Total deposits at closing
- $201.4M
- Estimated loss to the insurance fund
- $10.7M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Citizens B&TC of SC
Context
On June 5, 1992, regulators closed Cooper River, FSA, headquartered in North Charleston, SC. At closing, the institution held approximately $228.9M in assets and $201.4M in deposits. The FDIC record names First Citizens B&TC of SC as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $10.7M.
By assets at closing this is the 684th largest of the 3,526 bank failures in the FDIC record, and the 56th 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 Cooper River, FSA fail?
Cooper River, FSA was closed by regulators on June 5, 1992.
Who acquired Cooper River, FSA?
The FDIC record names First Citizens B&TC of SC as the acquiring institution in the resolution of Cooper River, FSA.
How big was Cooper River, FSA when it failed?
Cooper River, FSA had approximately $228.9M in total assets and $201.4M 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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