Bank Failure
Summit National Bank
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Closed April 3, 1992 · Torrington, CT · FDIC Cert #26447.
- Closing date
- April 3, 1992
- Headquarters
- Torrington, CT
- FDIC Certificate
- 26447
- Total assets at closing
- $91.4M
- Total deposits at closing
- $89.8M
- Estimated loss to the insurance fund
- $22.8M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- American Bank of Connect
Context
On April 3, 1992, regulators closed Summit National Bank, headquartered in Torrington, CT. At closing, the institution held approximately $91.4M in assets and $89.8M in deposits. The FDIC record names American Bank of Connect as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $22.8M.
By assets at closing this is the 1261st largest of the 3,526 bank failures in the FDIC record, and the 94th 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 Summit National Bank fail?
Summit National Bank was closed by regulators on April 3, 1992.
Who acquired Summit National Bank?
The FDIC record names American Bank of Connect as the acquiring institution in the resolution of Summit National Bank.
How big was Summit National Bank when it failed?
Summit National Bank had approximately $91.4M in total assets and $89.8M 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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