Bank Failure
Crossland Savings Bank, FSB
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Closed January 24, 1992 · Brooklyn, NY · FDIC Cert #16013.
- Closing date
- January 24, 1992
- Headquarters
- Brooklyn, NY
- FDIC Certificate
- 16013
- Total assets at closing
- $7.43B
- Total deposits at closing
- $5.51B
- Estimated loss to the insurance fund
- $753.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: public stock sale.
Context
On January 24, 1992, regulators closed Crossland Savings Bank, FSB, headquartered in Brooklyn, NY. At closing, the institution held approximately $7.43B in assets and $5.51B in deposits. The FDIC record lists the resolution as a public stock sale; no acquiring institution is named. The estimated cost to the Bank Insurance Fund (BIF) was approximately $753.4M.
By assets at closing this is the 26th largest of the 3,526 bank failures in the FDIC record, and the 2nd 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 Crossland Savings Bank, FSB fail?
Crossland Savings Bank, FSB was closed by regulators on January 24, 1992.
How big was Crossland Savings Bank, FSB when it failed?
Crossland Savings Bank, FSB had approximately $7.43B in total assets and $5.51B 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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