Bank Failure
First Constitution Bank
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Closed October 2, 1992 · New Haven, CT · FDIC Cert #27160.
- Closing date
- October 2, 1992
- Headquarters
- New Haven, CT
- FDIC Certificate
- 27160
- Total assets at closing
- $1.57B
- Total deposits at closing
- $1.35B
- Estimated loss to the insurance fund
- $125.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Federal Bank a FSB
Context
On October 2, 1992, regulators closed First Constitution Bank, headquartered in New Haven, CT. At closing, the institution held approximately $1.57B in assets and $1.35B in deposits. The FDIC record names First Federal Bank a FSB as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $125.6M.
By assets at closing this is the 147th largest of the 3,526 bank failures in the FDIC record, and the 15th 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 First Constitution Bank fail?
First Constitution Bank was closed by regulators on October 2, 1992.
Who acquired First Constitution Bank?
The FDIC record names First Federal Bank a FSB as the acquiring institution in the resolution of First Constitution Bank.
How big was First Constitution Bank when it failed?
First Constitution Bank had approximately $1.57B in total assets and $1.35B 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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