Bank Failure
COREAST FSB
Closed February 1, 1991 · RICHMOND , VA · FDIC Cert #31654 .
- Closing date
- February 1, 1991
- Headquarters
- RICHMOND , VA
- FDIC Certificate
- 31654
- Total assets at closing
- $1.21B
- Total deposits at closing
- $993.2M
- Estimated loss to DIF
- $210.8M
- Resolution type
- other
- Acquirer
- BRANCH SALE (FDIC Cert #2169)
Context
On February 1, 1991, regulators closed COREAST FSB , headquartered in RICHMOND , VA . At closing, the institution held approximately $1.21B in assets and $993.2M in deposits . The FDIC arranged a resolution under which BRANCH SALE acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $210.8M.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1991
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1991-12-20 | NORTH RIDGE BANK | OAKLAND PARK , FL | $94.3M |
| 1991-12-13 | INVESTORS FSB | RICHMOND , VA | $2.06B |
| 1991-12-13 | THE BANK MART | BRIDGEPORT , CT | $578.2M |
| 1991-12-13 | MERCHANTS NATIONAL BANK | LEOMINSTER , MA | $153.6M |
| 1991-12-13 | BANK OF EAST HARTFORD | EAST HARTFORD , CT | $36.6M |
| 1991-12-13 | FEDERAL FINANCE & MORTGAGE, LTD | HONOLULU , HI | $7.7M |
| 1991-12-12 | GRANITE CO-OPERATIVE BANK | QUINCY , MA | $103.8M |
| 1991-12-06 | SAYBROOK BANK AND TRUST COMPANY | OLD SAYBROOK , CT | $77.3M |
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