Bank Failure
Guaranty-First Trust Company
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Closed November 13, 1992 · Waltham, MA · FDIC Cert #17085.
- Closing date
- November 13, 1992
- Headquarters
- Waltham, MA
- FDIC Certificate
- 17085
- Total assets at closing
- $353.2M
- Total deposits at closing
- $348.9M
- Estimated loss to the insurance fund
- $60.2M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fleet Bank of Ma N.A.
Context
On November 13, 1992, regulators closed Guaranty-First Trust Company, headquartered in Waltham, MA. At closing, the institution held approximately $353.2M in assets and $348.9M in deposits. The FDIC record names Fleet Bank of Ma N.A. as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $60.2M.
By assets at closing this is the 495th largest of the 3,526 bank failures in the FDIC record, and the 44th 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 Guaranty-First Trust Company fail?
Guaranty-First Trust Company was closed by regulators on November 13, 1992.
Who acquired Guaranty-First Trust Company?
The FDIC record names Fleet Bank of Ma N.A. as the acquiring institution in the resolution of Guaranty-First Trust Company.
How big was Guaranty-First Trust Company when it failed?
Guaranty-First Trust Company had approximately $353.2M in total assets and $348.9M 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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