Bank Failure
First New York Bank for Business
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Closed November 13, 1992 · New York, NY · FDIC Cert #22073.
- Closing date
- November 13, 1992
- Headquarters
- New York, NY
- FDIC Certificate
- 22073
- Total assets at closing
- $530.7M
- Total deposits at closing
- $498.9M
- Estimated loss to the insurance fund
- $164.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Merchants Bank of New Yo
Context
On November 13, 1992, regulators closed First New York Bank for Business, headquartered in New York, NY. At closing, the institution held approximately $530.7M in assets and $498.9M in deposits. The FDIC record names Merchants Bank of New Yo as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $164.6M.
By assets at closing this is the 354th largest of the 3,526 bank failures in the FDIC record, and the 30th 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 New York Bank for Business fail?
First New York Bank for Business was closed by regulators on November 13, 1992.
Who acquired First New York Bank for Business?
The FDIC record names Merchants Bank of New Yo as the acquiring institution in the resolution of First New York Bank for Business.
How big was First New York Bank for Business when it failed?
First New York Bank for Business had approximately $530.7M in total assets and $498.9M 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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