Bank Failure
Vernon Bank
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Closed June 26, 1992 · Vernon, CT · FDIC Cert #27402.
- Closing date
- June 26, 1992
- Headquarters
- Vernon, CT
- FDIC Certificate
- 27402
- Total assets at closing
- $34.3M
- Total deposits at closing
- $34.5M
- Estimated loss to the insurance fund
- $3.1M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of South Windsor
Context
On June 26, 1992, regulators closed Vernon Bank, headquartered in Vernon, CT. At closing, the institution held approximately $34.3M in assets and $34.5M in deposits. The FDIC record names Bank of South Windsor as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $3.1M.
By assets at closing this is the 1936th largest of the 3,526 bank failures in the FDIC record, and the 143rd 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 Vernon Bank fail?
Vernon Bank was closed by regulators on June 26, 1992.
Who acquired Vernon Bank?
The FDIC record names Bank of South Windsor as the acquiring institution in the resolution of Vernon Bank.
How big was Vernon Bank when it failed?
Vernon Bank had approximately $34.3M in total assets and $34.5M 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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