Bank Failure
New England Savings Bank
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Closed May 21, 1993 · New London, CT · FDIC Cert #18257.
- Closing date
- May 21, 1993
- Headquarters
- New London, CT
- FDIC Certificate
- 18257
- Total assets at closing
- $914.9M
- Total deposits at closing
- $720.5M
- Estimated loss to the insurance fund
- $117.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citizens Savings Bank
Context
On May 21, 1993, regulators closed New England Savings Bank, headquartered in New London, CT. At closing, the institution held approximately $914.9M in assets and $720.5M in deposits. The FDIC record names Citizens Savings Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $117.0M.
By assets at closing this is the 232nd largest of the 3,526 bank failures in the FDIC record, and the 3rd 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 New England Savings Bank fail?
New England Savings Bank was closed by regulators on May 21, 1993.
Who acquired New England Savings Bank?
The FDIC record names Citizens Savings Bank as the acquiring institution in the resolution of New England Savings Bank.
How big was New England Savings Bank when it failed?
New England Savings Bank had approximately $914.9M in total assets and $720.5M 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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