Bank Failure
Eastland Savings Bank
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Closed December 11, 1992 · Woonsocket, RI · FDIC Cert #16977.
- Closing date
- December 11, 1992
- Headquarters
- Woonsocket, RI
- FDIC Certificate
- 16977
- Total assets at closing
- $515.3M
- Total deposits at closing
- $499.0M
- Estimated loss to the insurance fund
- $10.3M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fleet National Bank
Context
On December 11, 1992, regulators closed Eastland Savings Bank, headquartered in Woonsocket, RI. At closing, the institution held approximately $515.3M in assets and $499.0M in deposits. The FDIC record names Fleet National Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $10.3M.
By assets at closing this is the 371st largest of the 3,526 bank failures in the FDIC record, and the 32nd 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 Eastland Savings Bank fail?
Eastland Savings Bank was closed by regulators on December 11, 1992.
Who acquired Eastland Savings Bank?
The FDIC record names Fleet National Bank as the acquiring institution in the resolution of Eastland Savings Bank.
How big was Eastland Savings Bank when it failed?
Eastland Savings Bank had approximately $515.3M in total assets and $499.0M 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 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 |
| Dec 4, 1992 | Second National, FSB | $1.57B |
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