Bank Failure
Meritor Savings Bank
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Closed December 11, 1992 · Philadelphia, PA · FDIC Cert #15750.
- Closing date
- December 11, 1992
- Headquarters
- Philadelphia, PA
- FDIC Certificate
- 15750
- Total assets at closing
- $4.13B
- Total deposits at closing
- $2.91B
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $360 is not consistent with a failure of this size)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Mellon Bank National Ass
Context
On December 11, 1992, regulators closed Meritor Savings Bank, headquartered in Philadelphia, PA. At closing, the institution held approximately $4.13B in assets and $2.91B in deposits. The FDIC record names Mellon Bank National Ass as the acquiring institution in the resolution.
By assets at closing this is the 49th largest of the 3,526 bank failures in the FDIC record, and the 4th 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 Meritor Savings Bank fail?
Meritor Savings Bank was closed by regulators on December 11, 1992.
Who acquired Meritor Savings Bank?
The FDIC record names Mellon Bank National Ass as the acquiring institution in the resolution of Meritor Savings Bank.
How big was Meritor Savings Bank when it failed?
Meritor Savings Bank had approximately $4.13B in total assets and $2.91B 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 | 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 |
| Dec 4, 1992 | Second National, FSB | $1.57B |
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