Bank Failure
Fairfield First Bank & Trust Co
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Closed July 12, 1996 · Southport, CT · FDIC Cert #26431.
- Closing date
- July 12, 1996
- Headquarters
- Southport, CT
- FDIC Certificate
- 26431
- Total assets at closing
- $57.3M
- Total deposits at closing
- $57.3M
- Estimated loss to the insurance fund
- $5.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Norwalk Savings Society
Context
On July 12, 1996, regulators closed Fairfield First Bank & Trust Co, headquartered in Southport, CT. At closing, the institution held approximately $57.3M in assets and $57.3M in deposits. The FDIC record names Norwalk Savings Society as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.7M.
By assets at closing this is the 1558th largest of the 3,526 bank failures in the FDIC record, and the 2nd of 6 in 1996. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Fairfield First Bank & Trust Co fail?
Fairfield First Bank & Trust Co was closed by regulators on July 12, 1996.
Who acquired Fairfield First Bank & Trust Co?
The FDIC record names Norwalk Savings Society as the acquiring institution in the resolution of Fairfield First Bank & Trust Co.
How big was Fairfield First Bank & Trust Co when it failed?
Fairfield First Bank & Trust Co had approximately $57.3M in total assets and $57.3M in deposits at the time of failure.
Other failures in 1996
| Date | Bank | Assets |
|---|---|---|
| Aug 16, 1996 | Commonwealth Thrift & Loan | $11.5M |
| Aug 9, 1996 | Union Federal Bank, FSB | $32.6M |
| Jun 14, 1996 | First NB of the Panhandle | $68.1M |
| May 31, 1996 | People's Bank & Trust | $22.7M |
| Mar 8, 1996 | Metrobank of Philadelphia | $40.4M |
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