Bank Failure
Potomac FSB
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Closed August 28, 1992 · Silver Spring, MD · FDIC Cert #32388.
- Closing date
- August 28, 1992
- Headquarters
- Silver Spring, MD
- FDIC Certificate
- 32388
- Total assets at closing
- $72.3M
- Total deposits at closing
- $68.8M
- Estimated loss to the insurance fund
- $32.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Maryland FS&LA
Context
On August 28, 1992, regulators closed Potomac FSB, headquartered in Silver Spring, MD. At closing, the institution held approximately $72.3M in assets and $68.8M in deposits. The FDIC record names Maryland FS&LA as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $32.0M.
By assets at closing this is the 1401st largest of the 3,526 bank failures in the FDIC record, and the 105th 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 Potomac FSB fail?
Potomac FSB was closed by regulators on August 28, 1992.
Who acquired Potomac FSB?
The FDIC record names Maryland FS&LA as the acquiring institution in the resolution of Potomac FSB.
How big was Potomac FSB when it failed?
Potomac FSB had approximately $72.3M in total assets and $68.8M 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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