Bank Failure
Saybrook Bank and Trust Company
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Closed December 6, 1991 · Old Saybrook, CT · FDIC Cert #25128.
- Closing date
- December 6, 1991
- Headquarters
- Old Saybrook, CT
- FDIC Certificate
- 25128
- Total assets at closing
- $77.3M
- Total deposits at closing
- $78.4M
- Estimated loss to the insurance fund
- $18.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- The New Haven Savings Bank
Context
On December 6, 1991, regulators closed Saybrook Bank and Trust Company, headquartered in Old Saybrook, CT. At closing, the institution held approximately $77.3M in assets and $78.4M in deposits. The FDIC record names The New Haven Savings Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $18.7M.
By assets at closing this is the 1360th largest of the 3,526 bank failures in the FDIC record, and the 140th 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 Saybrook Bank and Trust Company fail?
Saybrook Bank and Trust Company was closed by regulators on December 6, 1991.
Who acquired Saybrook Bank and Trust Company?
The FDIC record names The New Haven Savings Bank as the acquiring institution in the resolution of Saybrook Bank and Trust Company.
How big was Saybrook Bank and Trust Company when it failed?
Saybrook Bank and Trust Company had approximately $77.3M in total assets and $78.4M 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 |
| Nov 26, 1991 | First National Bank of Miami | $40.5M |
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