Bank Failure
Suffield Bank
BankRegReports is independent of Suffield Bank and never asks for online banking logins or passwords.
Closed September 6, 1991 · Suffield, CT · FDIC Cert #18242.
- Closing date
- September 6, 1991
- Headquarters
- Suffield, CT
- FDIC Certificate
- 18242
- Total assets at closing
- $294.8M
- Total deposits at closing
- $257.0M
- Estimated loss to the insurance fund
- $83.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Federal Bank, FSB
Context
On September 6, 1991, regulators closed Suffield Bank, headquartered in Suffield, CT. At closing, the institution held approximately $294.8M in assets and $257.0M in deposits. The FDIC record names First Federal Bank, FSB as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $83.6M.
By assets at closing this is the 564th largest of the 3,526 bank failures in the FDIC record, and the 68th 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 Suffield Bank fail?
Suffield Bank was closed by regulators on September 6, 1991.
Who acquired Suffield Bank?
The FDIC record names First Federal Bank, FSB as the acquiring institution in the resolution of Suffield Bank.
How big was Suffield Bank when it failed?
Suffield Bank had approximately $294.8M in total assets and $257.0M 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 |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
Explore: all failures · CT bank events · 1991 events · events hub