FDIC Open-Bank Assistance
DRY Dock Savings Bank
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Assistance provided February 9, 1983 · New York, NY · FDIC Cert #16065.
- Assistance date
- February 9, 1983
- Headquarters
- New York, NY
- FDIC Certificate
- 16065
- Total assets at the time
- $2.45B
- Total deposits at the time
- $2.04B
- Estimated loss to the insurance fund
- $59.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Dollar-DRY SB of NY
Context
On February 9, 1983, the FDIC provided open-bank assistance to DRY Dock Savings Bank, headquartered in New York, NY. The institution continued operating. At the time it held approximately $2.45B in assets and $2.04B in deposits. The FDIC record names Dollar-DRY SB of NY as the acquiring institution in the assisted transaction. The estimated cost to the FDIC insurance fund was approximately $59.4M.
The FDIC record for 1983 holds 50 failures and 49 open-bank assistance transactions. 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 the FDIC provide assistance to DRY Dock Savings Bank?
DRY Dock Savings Bank received FDIC open-bank assistance on February 9, 1983; it did not fail.
How big was DRY Dock Savings Bank at the time of assistance?
DRY Dock Savings Bank had approximately $2.45B in total assets and $2.04B in deposits at the time of assistance.
Bank failures in 1983
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1983 | The Bank of Red Oak | $11.1M |
| Dec 13, 1983 | Bank of Hackleburg | $6.5M |
| Dec 9, 1983 | Union Trust Company | $30.6M |
| Dec 2, 1983 | Metro FS&LA | $27.4M |
| Nov 25, 1983 | Atkinson Trust & Savings Bank | $21.1M |
| Nov 11, 1983 | First Nat BK of Browning | $13.7M |
| Nov 3, 1983 | State of Clovis, Sa | $30.9M |
| Oct 28, 1983 | Cleveland Community Savings Co. | $21.0M |
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