Bank Failure
Riverhead Savings Bank
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Closed June 12, 1992 · Riverhead, NY · FDIC Cert #16033.
- Closing date
- June 12, 1992
- Headquarters
- Riverhead, NY
- FDIC Certificate
- 16033
- Total assets at closing
- $388.8M
- Total deposits at closing
- $316.6M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $0 is not consistent with a failure of this size)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of New York
Context
On June 12, 1992, regulators closed Riverhead Savings Bank, headquartered in Riverhead, NY. At closing, the institution held approximately $388.8M in assets and $316.6M in deposits. The FDIC record names Bank of New York as the acquiring institution in the resolution.
By assets at closing this is the 461st largest of the 3,526 bank failures in the FDIC record, and the 42nd 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 Riverhead Savings Bank fail?
Riverhead Savings Bank was closed by regulators on June 12, 1992.
Who acquired Riverhead Savings Bank?
The FDIC record names Bank of New York as the acquiring institution in the resolution of Riverhead Savings Bank.
How big was Riverhead Savings Bank when it failed?
Riverhead Savings Bank had approximately $388.8M in total assets and $316.6M 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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