Bank Failure
Progressive Savings Bank
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Closed May 24, 1991 · Pasadena, CA · FDIC Cert #31436.
- Closing date
- May 24, 1991
- Headquarters
- Pasadena, CA
- FDIC Certificate
- 31436
- Total assets at closing
- $388.3M
- Total deposits at closing
- $373.7M
- Estimated loss to the insurance fund
- $41.7M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On May 24, 1991, regulators closed Progressive Savings Bank, headquartered in Pasadena, CA. At closing, the institution held approximately $388.3M in assets and $373.7M in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $41.7M.
By assets at closing this is the 462nd largest of the 3,526 bank failures in the FDIC record, and the 60th of 268 in 1991. 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 Progressive Savings Bank fail?
Progressive Savings Bank was closed by regulators on May 24, 1991.
How big was Progressive Savings Bank when it failed?
Progressive Savings Bank had approximately $388.3M in total assets and $373.7M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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