Bank Failure
Larchmont FS & La
BankRegReports is independent of Larchmont FS & La and never asks for online banking logins or passwords.
Closed August 9, 1991 · Larchmont, NY · FDIC Cert #28587.
- Closing date
- August 9, 1991
- Headquarters
- Larchmont, NY
- FDIC Certificate
- 28587
- Total assets at closing
- $123.8M
- Total deposits at closing
- $123.6M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $6K is not consistent with a failure of this size)
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Peoples Westchester SB
Context
On August 9, 1991, regulators closed Larchmont FS & La, headquartered in Larchmont, NY. At closing, the institution held approximately $123.8M in assets and $123.6M in deposits. The FDIC record names Peoples Westchester SB as the acquiring institution in the resolution.
By assets at closing this is the 1071st largest of the 3,526 bank failures in the FDIC record, and the 112th 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 Larchmont FS & La fail?
Larchmont FS & La was closed by regulators on August 9, 1991.
Who acquired Larchmont FS & La?
The FDIC record names Peoples Westchester SB as the acquiring institution in the resolution of Larchmont FS & La.
How big was Larchmont FS & La when it failed?
Larchmont FS & La had approximately $123.8M in total assets and $123.6M 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 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
Explore: all failures · NY bank events · 1991 events · events hub