Bank Failure
The Howard Savings Bank
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Closed October 2, 1992 · Newark, NJ · FDIC Cert #16146.
- Closing date
- October 2, 1992
- Headquarters
- Newark, NJ
- FDIC Certificate
- 16146
- Total assets at closing
- $3.46B
- Total deposits at closing
- $3.38B
- Estimated loss to the insurance fund
- $68.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Fidelity Bank Na N
Context
On October 2, 1992, regulators closed The Howard Savings Bank, headquartered in Newark, NJ. At closing, the institution held approximately $3.46B in assets and $3.38B in deposits. The FDIC record names First Fidelity Bank Na N as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $68.0M.
By assets at closing this is the 61st largest of the 3,526 bank failures in the FDIC record, and the 6th 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 Howard Savings Bank fail?
The Howard Savings Bank was closed by regulators on October 2, 1992.
Who acquired The Howard Savings Bank?
The FDIC record names First Fidelity Bank Na N as the acquiring institution in the resolution of The Howard Savings Bank.
How big was The Howard Savings Bank when it failed?
The Howard Savings Bank had approximately $3.46B in total assets and $3.38B 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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