Bank Failure
The Central Savings Bank
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Closed February 14, 1992 · Lowell, MA · FDIC Cert #90226.
- Closing date
- February 14, 1992
- Headquarters
- Lowell, MA
- FDIC Certificate
- 90226
- Total assets at closing
- $369.1M
- Total deposits at closing
- $354.2M
- Estimated loss to the insurance fund
- $26.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Massbank for Savings
Context
On February 14, 1992, regulators closed The Central Savings Bank, headquartered in Lowell, MA. At closing, the institution held approximately $369.1M in assets and $354.2M in deposits. The FDIC record names Massbank for Savings as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $26.7M.
By assets at closing this is the 480th largest of the 3,526 bank failures in the FDIC record, and the 43rd 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 The Central Savings Bank fail?
The Central Savings Bank was closed by regulators on February 14, 1992.
Who acquired The Central Savings Bank?
The FDIC record names Massbank for Savings as the acquiring institution in the resolution of The Central Savings Bank.
How big was The Central Savings Bank when it failed?
The Central Savings Bank had approximately $369.1M in total assets and $354.2M 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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