Bank Failure
Statewide Thrift and Loan Co.
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Closed November 13, 1992 · Redwood City, CA · FDIC Cert #26656.
- Closing date
- November 13, 1992
- Headquarters
- Redwood City, CA
- FDIC Certificate
- 26656
- Total assets at closing
- $9.6M
- Total deposits at closing
- $9.5M
- Estimated loss to the insurance fund
- $2.3M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fireside Thrift Co
Context
On November 13, 1992, regulators closed Statewide Thrift and Loan Co., headquartered in Redwood City, CA. At closing, the institution held approximately $9.6M in assets and $9.5M in deposits. The FDIC record names Fireside Thrift Co as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $2.3M.
By assets at closing this is the 2788th largest of the 3,526 bank failures in the FDIC record, and the 173rd 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 Statewide Thrift and Loan Co. fail?
Statewide Thrift and Loan Co. was closed by regulators on November 13, 1992.
Who acquired Statewide Thrift and Loan Co.?
The FDIC record names Fireside Thrift Co as the acquiring institution in the resolution of Statewide Thrift and Loan Co.
How big was Statewide Thrift and Loan Co. when it failed?
Statewide Thrift and Loan Co. had approximately $9.6M in total assets and $9.5M 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 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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