Bank Failure
The Meriden Trust and Safe Deposit
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Closed July 7, 1994 · Meriden, CT · FDIC Cert #20442.
- Closing date
- July 7, 1994
- Headquarters
- Meriden, CT
- FDIC Certificate
- 20442
- Total assets at closing
- $3.2M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- People's Savings Bank & Tru
Context
On July 7, 1994, regulators closed The Meriden Trust and Safe Deposit, headquartered in Meriden, CT. At closing, the institution held approximately $3.2M in assets. The FDIC record names People's Savings Bank & Tru as the acquiring institution in the resolution.
By assets at closing this is the 3055th largest of the 3,526 bank failures in the FDIC record, and the 15th of 15 in 1994. 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 Meriden Trust and Safe Deposit fail?
The Meriden Trust and Safe Deposit was closed by regulators on July 7, 1994.
Who acquired The Meriden Trust and Safe Deposit?
The FDIC record names People's Savings Bank & Tru as the acquiring institution in the resolution of The Meriden Trust and Safe Deposit.
How big was The Meriden Trust and Safe Deposit when it failed?
The Meriden Trust and Safe Deposit had approximately $3.2M in total assets at the time of failure.
Other failures in 1994
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1994 | Cornerstone Bank FSB | $44.3M |
| Oct 21, 1994 | Ludlow Savings Bank | $222.7M |
| Aug 26, 1994 | Capital Bank | $76.9M |
| Aug 12, 1994 | Bank of Newport | $167.8M |
| Jul 29, 1994 | Commerce Bank | $142.3M |
| Jul 29, 1994 | Western Community Bank | $54.0M |
| Jul 15, 1994 | Bank of San Pedro | $132.6M |
| Jul 8, 1994 | Pioneer Bank | $133.2M |
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