Bank Failure
The Norwalk Bank
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Closed April 24, 1992 · Norwalk, CT · FDIC Cert #26971.
- Closing date
- April 24, 1992
- Headquarters
- Norwalk, CT
- FDIC Certificate
- 26971
- Total assets at closing
- $80.6M
- Total deposits at closing
- $77.2M
- Estimated loss to the insurance fund
- $17.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of Darien
Context
On April 24, 1992, regulators closed The Norwalk Bank, headquartered in Norwalk, CT. At closing, the institution held approximately $80.6M in assets and $77.2M in deposits. The FDIC record names Bank of Darien as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $17.4M.
By assets at closing this is the 1335th largest of the 3,526 bank failures in the FDIC record, and the 100th 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 Norwalk Bank fail?
The Norwalk Bank was closed by regulators on April 24, 1992.
Who acquired The Norwalk Bank?
The FDIC record names Bank of Darien as the acquiring institution in the resolution of The Norwalk Bank.
How big was The Norwalk Bank when it failed?
The Norwalk Bank had approximately $80.6M in total assets and $77.2M 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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