Bank Failure
Perpetual Savings Bank
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Closed January 10, 1992 · Vienna, VA · FDIC Cert #31231.
- Closing date
- January 10, 1992
- Headquarters
- Vienna, VA
- FDIC Certificate
- 31231
- Total assets at closing
- $2.89B
- Total deposits at closing
- $2.45B
- Estimated loss to the insurance fund
- $453.7M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Crestar Bank
Context
On January 10, 1992, regulators closed Perpetual Savings Bank, headquartered in Vienna, VA. At closing, the institution held approximately $2.89B in assets and $2.45B in deposits. The FDIC record names Crestar Bank as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $453.7M.
By assets at closing this is the 79th largest of the 3,526 bank failures in the FDIC record, and the 9th 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 Perpetual Savings Bank fail?
Perpetual Savings Bank was closed by regulators on January 10, 1992.
Who acquired Perpetual Savings Bank?
The FDIC record names Crestar Bank as the acquiring institution in the resolution of Perpetual Savings Bank.
How big was Perpetual Savings Bank when it failed?
Perpetual Savings Bank had approximately $2.89B in total assets and $2.45B 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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