Bank Failure
The Merchants Bank and Trust Co
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Closed February 1, 1991 · Norwalk, CT · FDIC Cert #11272.
- Closing date
- February 1, 1991
- Headquarters
- Norwalk, CT
- FDIC Certificate
- 11272
- Total assets at closing
- $269.9M
- Total deposits at closing
- $269.0M
- Estimated loss to the insurance fund
- $87.5M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Union Trust Company
Context
On February 1, 1991, regulators closed The Merchants Bank and Trust Co, headquartered in Norwalk, CT. At closing, the institution held approximately $269.9M in assets and $269.0M in deposits. The FDIC record names Union Trust Company as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $87.5M.
By assets at closing this is the 602nd largest of the 3,526 bank failures in the FDIC record, and the 74th 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 The Merchants Bank and Trust Co fail?
The Merchants Bank and Trust Co was closed by regulators on February 1, 1991.
Who acquired The Merchants Bank and Trust Co?
The FDIC record names Union Trust Company as the acquiring institution in the resolution of The Merchants Bank and Trust Co.
How big was The Merchants Bank and Trust Co when it failed?
The Merchants Bank and Trust Co had approximately $269.9M in total assets and $269.0M 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 |
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