Bank Failure
Olympic International Bank & Trust
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Closed June 26, 1992 · Boston, MA · FDIC Cert #25918.
- Closing date
- June 26, 1992
- Headquarters
- Boston, MA
- FDIC Certificate
- 25918
- Total assets at closing
- $140.3M
- Total deposits at closing
- $142.3M
- Estimated loss to the insurance fund
- $69.2M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Haymarket Coop Bank
Context
On June 26, 1992, regulators closed Olympic International Bank & Trust, headquartered in Boston, MA. At closing, the institution held approximately $140.3M in assets and $142.3M in deposits. The FDIC record names Haymarket Coop Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $69.2M.
By assets at closing this is the 985th largest of the 3,526 bank failures in the FDIC record, and the 73rd 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 Olympic International Bank & Trust fail?
Olympic International Bank & Trust was closed by regulators on June 26, 1992.
Who acquired Olympic International Bank & Trust?
The FDIC record names Haymarket Coop Bank as the acquiring institution in the resolution of Olympic International Bank & Trust.
How big was Olympic International Bank & Trust when it failed?
Olympic International Bank & Trust had approximately $140.3M in total assets and $142.3M 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 | Meritor Savings Bank | $4.13B |
| 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 |
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