Bank Failure
The Seamen's Bank of Savings, FS
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Closed April 18, 1990 · New York, NY · FDIC Cert #16070.
- Closing date
- April 18, 1990
- Headquarters
- New York, NY
- FDIC Certificate
- 16070
- Total assets at closing
- $3.39B
- Total deposits at closing
- $2.14B
- Estimated loss to the insurance fund
- $148.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- The Chase Manhattan Bank(na
Context
On April 18, 1990, regulators closed The Seamen's Bank of Savings, FS, headquartered in New York, NY. At closing, the institution held approximately $3.39B in assets and $2.14B in deposits. The FDIC record names The Chase Manhattan Bank(na as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $148.0M.
By assets at closing this is the 65th largest of the 3,526 bank failures in the FDIC record, and the 12th of 381 in 1990. 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 Seamen's Bank of Savings, FS fail?
The Seamen's Bank of Savings, FS was closed by regulators on April 18, 1990.
Who acquired The Seamen's Bank of Savings, FS?
The FDIC record names The Chase Manhattan Bank(na as the acquiring institution in the resolution of The Seamen's Bank of Savings, FS.
How big was The Seamen's Bank of Savings, FS when it failed?
The Seamen's Bank of Savings, FS had approximately $3.39B in total assets and $2.14B in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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