Bank Failure
Heritage Bank for Savings
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Closed December 4, 1992 · Holyoke, MA · FDIC Cert #21996.
- Closing date
- December 4, 1992
- Headquarters
- Holyoke, MA
- FDIC Certificate
- 21996
- Total assets at closing
- $1.29B
- Total deposits at closing
- $1.00B
- Estimated loss to the insurance fund
- $24.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fleet Bank of Ma N.A.
Context
On December 4, 1992, regulators closed Heritage Bank for Savings, headquartered in Holyoke, MA. At closing, the institution held approximately $1.29B in assets and $1.00B 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 $24.0M.
By assets at closing this is the 169th largest of the 3,526 bank failures in the FDIC record, and the 19th 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 Heritage Bank for Savings fail?
Heritage Bank for Savings was closed by regulators on December 4, 1992.
Who acquired Heritage Bank for Savings?
The FDIC record names Fleet Bank of Ma N.A. as the acquiring institution in the resolution of Heritage Bank for Savings.
How big was Heritage Bank for Savings when it failed?
Heritage Bank for Savings had approximately $1.29B in total assets and $1.00B 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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