Bank Failure
The Washington Bank
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Closed September 18, 1992 · Fairfax County, VA · FDIC Cert #21181.
- Closing date
- September 18, 1992
- Headquarters
- Fairfax County, VA
- FDIC Certificate
- 21181
- Total assets at closing
- $28.1M
- Total deposits at closing
- $27.9M
- Estimated loss to the insurance fund
- $5.1M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- George Mason Bank
Context
On September 18, 1992, regulators closed The Washington Bank, headquartered in Fairfax County, VA. At closing, the institution held approximately $28.1M in assets and $27.9M in deposits. The FDIC record names George Mason Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.1M.
By assets at closing this is the 2093rd largest of the 3,526 bank failures in the FDIC record, and the 150th 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 Washington Bank fail?
The Washington Bank was closed by regulators on September 18, 1992.
Who acquired The Washington Bank?
The FDIC record names George Mason Bank as the acquiring institution in the resolution of The Washington Bank.
How big was The Washington Bank when it failed?
The Washington Bank had approximately $28.1M in total assets and $27.9M 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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