Bank Failure
The Union Savings Bank
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Closed August 28, 1992 · Patchogue, NY · FDIC Cert #15979.
- Closing date
- August 28, 1992
- Headquarters
- Patchogue, NY
- FDIC Certificate
- 15979
- Total assets at closing
- $491.1M
- Total deposits at closing
- $529.5M
- Estimated loss to the insurance fund
- $133.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Home Federal Savings Ban
Context
On August 28, 1992, regulators closed The Union Savings Bank, headquartered in Patchogue, NY. At closing, the institution held approximately $491.1M in assets and $529.5M in deposits. The FDIC record names Home Federal Savings Ban as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $133.9M.
By assets at closing this is the 383rd largest of the 3,526 bank failures in the FDIC record, and the 33rd 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 Union Savings Bank fail?
The Union Savings Bank was closed by regulators on August 28, 1992.
Who acquired The Union Savings Bank?
The FDIC record names Home Federal Savings Ban as the acquiring institution in the resolution of The Union Savings Bank.
How big was The Union Savings Bank when it failed?
The Union Savings Bank had approximately $491.1M in total assets and $529.5M 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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