Bank Failure
Whitney Bank and Trust
BankRegReports is independent of Whitney Bank and Trust and never asks for online banking logins or passwords.
Closed April 12, 1991 · Hamden, CT · FDIC Cert #27315.
- Closing date
- April 12, 1991
- Headquarters
- Hamden, CT
- FDIC Certificate
- 27315
- Total assets at closing
- $40.6M
- Total deposits at closing
- $49.2M
- Estimated loss to the insurance fund
- $29.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Constitution Bank
Context
On April 12, 1991, regulators closed Whitney Bank and Trust, headquartered in Hamden, CT. At closing, the institution held approximately $40.6M in assets and $49.2M in deposits. The FDIC record names First Constitution Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $29.6M.
By assets at closing this is the 1801st largest of the 3,526 bank failures in the FDIC record, and the 184th of 268 in 1991. 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 Whitney Bank and Trust fail?
Whitney Bank and Trust was closed by regulators on April 12, 1991.
Who acquired Whitney Bank and Trust?
The FDIC record names First Constitution Bank as the acquiring institution in the resolution of Whitney Bank and Trust.
How big was Whitney Bank and Trust when it failed?
Whitney Bank and Trust had approximately $40.6M in total assets and $49.2M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
Explore: all failures · CT bank events · 1991 events · events hub