Bank Failure
Old Stone SB
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Closed January 29, 1993 · Providence, RI · FDIC Cert #29892.
- Closing date
- January 29, 1993
- Headquarters
- Providence, RI
- FDIC Certificate
- 29892
- Total assets at closing
- $1.85B
- Total deposits at closing
- $1.70B
- Estimated loss to the insurance fund
- $73.6M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citizens SB
Context
On January 29, 1993, regulators closed Old Stone SB, headquartered in Providence, RI. At closing, the institution held approximately $1.85B in assets and $1.70B in deposits. The FDIC record names Citizens SB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $73.6M.
By assets at closing this is the 120th largest of the 3,526 bank failures in the FDIC record, and the 2nd 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 Old Stone SB fail?
Old Stone SB was closed by regulators on January 29, 1993.
Who acquired Old Stone SB?
The FDIC record names Citizens SB as the acquiring institution in the resolution of Old Stone SB.
How big was Old Stone SB when it failed?
Old Stone SB had approximately $1.85B in total assets and $1.70B 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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