Bank Failure
Reliance Bank
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Closed March 19, 2004 · White Plains, NY · FDIC Cert #26778.
- Closing date
- March 19, 2004
- Headquarters
- White Plains, NY
- FDIC Certificate
- 26778
- Total assets at closing
- $28.6M
- Total deposits at closing
- $27.9M
- Estimated loss to the insurance fund
- $919K
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Union State Bank
Context
On March 19, 2004, regulators closed Reliance Bank, headquartered in White Plains, NY. At closing, the institution held approximately $28.6M in assets and $27.9M in deposits. The FDIC record names Union State Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $919K.
By assets at closing this is the 2076th largest of the 3,526 bank failures in the FDIC record, and the 3rd of 4 in 2004. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Reliance Bank fail?
Reliance Bank was closed by regulators on March 19, 2004.
Who acquired Reliance Bank?
The FDIC record names Union State Bank as the acquiring institution in the resolution of Reliance Bank.
How big was Reliance Bank when it failed?
Reliance Bank had approximately $28.6M in total assets and $27.9M in deposits at the time of failure.
Other failures in 2004
| Date | Bank | Assets |
|---|---|---|
| Jun 25, 2004 | Bank of Ephraim | $56.8M |
| Mar 12, 2004 | Guaranty National Bank | $71.3M |
| Feb 14, 2004 | Dollar Savings Bank | $13.4M |
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