Bank Failure
Granite Co-Operative Bank
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Closed December 12, 1991 · Quincy, MA · FDIC Cert #26585.
- Closing date
- December 12, 1991
- Headquarters
- Quincy, MA
- FDIC Certificate
- 26585
- Total assets at closing
- $103.8M
- Total deposits at closing
- $84.3M
- Estimated loss to the insurance fund
- $14.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- South Boston Savings Bank
Context
On December 12, 1991, regulators closed Granite Co-Operative Bank, headquartered in Quincy, MA. At closing, the institution held approximately $103.8M in assets and $84.3M in deposits. The FDIC record names South Boston Savings Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $14.0M.
By assets at closing this is the 1179th largest of the 3,526 bank failures in the FDIC record, and the 125th of 268 in 1991. 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 Granite Co-Operative Bank fail?
Granite Co-Operative Bank was closed by regulators on December 12, 1991.
Who acquired Granite Co-Operative Bank?
The FDIC record names South Boston Savings Bank as the acquiring institution in the resolution of Granite Co-Operative Bank.
How big was Granite Co-Operative Bank when it failed?
Granite Co-Operative Bank had approximately $103.8M in total assets and $84.3M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
| Nov 26, 1991 | First National Bank of Miami | $40.5M |
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