Bank Failure
Jefferson National Bank
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Closed February 26, 1993 · Watertown, NY · FDIC Cert #7135.
- Closing date
- February 26, 1993
- Headquarters
- Watertown, NY
- FDIC Certificate
- 7135
- Total assets at closing
- $256.0M
- Total deposits at closing
- $248.7M
- Estimated loss to the insurance fund
- $43.5M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fleet Bank of New York
Context
On February 26, 1993, regulators closed Jefferson National Bank, headquartered in Watertown, NY. At closing, the institution held approximately $256.0M in assets and $248.7M in deposits. The FDIC record names Fleet Bank of New York as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $43.5M.
By assets at closing this is the 633rd largest of the 3,526 bank failures in the FDIC record, and the 6th of 50 in 1993. 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 Jefferson National Bank fail?
Jefferson National Bank was closed by regulators on February 26, 1993.
Who acquired Jefferson National Bank?
The FDIC record names Fleet Bank of New York as the acquiring institution in the resolution of Jefferson National Bank.
How big was Jefferson National Bank when it failed?
Jefferson National Bank had approximately $256.0M in total assets and $248.7M in deposits at the time of failure.
Other failures in 1993
| Date | Bank | Assets |
|---|---|---|
| Nov 5, 1993 | Century Thrift and Loan | $31.9M |
| Oct 29, 1993 | The Bank of San Diego | $294.3M |
| Oct 21, 1993 | Mid City Bank, N.A. | $105.7M |
| Oct 15, 1993 | Brentwood Thrift and Loan Association | $12.9M |
| Oct 14, 1993 | Plaza Bank, N.A. of New Braunfels | $54.6M |
| Sep 24, 1993 | Westside Bank, FSB | $81.7M |
| Sep 24, 1993 | Western United National Bank | $23.7M |
| Sep 17, 1993 | Regent Thrift and Loan Association | $35.8M |
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