Bank Failure
Founders Bank
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Closed July 28, 1995 · New Haven, CT · FDIC Cert #26187.
- Closing date
- July 28, 1995
- Headquarters
- New Haven, CT
- FDIC Certificate
- 26187
- Total assets at closing
- $77.4M
- Total deposits at closing
- $77.4M
- Estimated loss to the insurance fund
- $10.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Centerbank
Context
On July 28, 1995, regulators closed Founders Bank, headquartered in New Haven, CT. At closing, the institution held approximately $77.4M in assets and $77.4M in deposits. The FDIC record names Centerbank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $10.4M.
By assets at closing this is the 1358th largest of the 3,526 bank failures in the FDIC record, and the 5th of 8 in 1995. 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 Founders Bank fail?
Founders Bank was closed by regulators on July 28, 1995.
Who acquired Founders Bank?
The FDIC record names Centerbank as the acquiring institution in the resolution of Founders Bank.
How big was Founders Bank when it failed?
Founders Bank had approximately $77.4M in total assets and $77.4M in deposits at the time of failure.
Other failures in 1995
| Date | Bank | Assets |
|---|---|---|
| Jul 28, 1995 | Pacific Heritage Bank | $147.7M |
| May 19, 1995 | Bank USA, N.A. | $9.0M |
| May 5, 1995 | American S & L Association | $64.4M |
| Apr 28, 1995 | Continental Savings of America | $359.4M |
| Mar 31, 1995 | Los Angeles Thrift and Loan Company | $23.4M |
| Mar 3, 1995 | First Trust Bank | $227.7M |
| Jan 20, 1995 | Guardian Bank | $316.9M |
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