Bank Failure
Sailors & Merchants B&T Co.
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Closed December 11, 1992 · Vienna, VA · FDIC Cert #25306.
- Closing date
- December 11, 1992
- Headquarters
- Vienna, VA
- FDIC Certificate
- 25306
- Total assets at closing
- $34.8M
- Total deposits at closing
- $34.5M
- Estimated loss to the insurance fund
- $5.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Union Bank of Virg
Context
On December 11, 1992, regulators closed Sailors & Merchants B&T Co., headquartered in Vienna, VA. At closing, the institution held approximately $34.8M in assets and $34.5M in deposits. The FDIC record names First Union Bank of Virg as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.0M.
By assets at closing this is the 1922nd largest of the 3,526 bank failures in the FDIC record, and the 141st 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 Sailors & Merchants B&T Co. fail?
Sailors & Merchants B&T Co. was closed by regulators on December 11, 1992.
Who acquired Sailors & Merchants B&T Co.?
The FDIC record names First Union Bank of Virg as the acquiring institution in the resolution of Sailors & Merchants B&T Co.
How big was Sailors & Merchants B&T Co. when it failed?
Sailors & Merchants B&T Co. had approximately $34.8M in total assets and $34.5M 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 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
| Dec 4, 1992 | Second National, FSB | $1.57B |
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