Failed Banking Institutions
There have been 43 bank failures in Connecticut since 1989. Thirty-one (31) were state-chartered institutions. The following tables show state and federally-chartered bank failures by year and by institution.
Unclaimed Funds/Undeliverable Dividend Checks
The Federal Deposit Insurance Corporation (FDIC) has a Web page that allows users to search a database of unclaimed funds from failed financial institutions. The FDIC may be holding unclaimed funds in one of two ways: either as unclaimed insured deposits or as undeliverable dividend checks. The FDIC Web page provides depositors of failed institutions who did not claim their funds previously, or whose dividend checks were returned to the FDIC as undeliverable, an opportunity to claim their funds. The database contains unclaimed insured deposits for financial institutions that were closed by a regulatory agency between January 1, 1989, and June 28, 1993, and for which the FDIC was appointed as receiver. Detailed instructions for searching the FDIC database and claiming funds can be found on the FDIC's website.
In accordance with the Unclaimed Deposit Amendment Act enacted on June 28, 1993, unclaimed deposits for receiverships after that date escheat to the state of the depositor's last known address. If the address is unknown, the funds escheat to the state of the failed institution. Visit the State Treasurer's CT Big List, Connecticut's official site for unclaimed property.
The database also includes dividend checks sent by the FDIC that were undeliverable for all active receiverships (those for which the FDIC, as receiver, is still managing, disposing of the assets and administering the liabilities). An "undeliverable dividend check" is one for which the depositor's address is incorrect, or a dividend check that was never cashed. Once a receivership has been inactivated, all undeliverable dividend checks are escheated to the state of the claimant's last known address.
Banks in Receivership
The FDIC is often appointed as receiver for failed financial institutions. As a public service, the agency now has available on its website useful information for customers and vendors of these institutions. This includes information on the acquiring institution (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.
| Bank Failures By Year | |
|
2013
|
1 |
|
2012
|
0 |
| 2006 through 2011 | 0 |
|
2005
|
1
|
|
2004
|
0
|
|
2003
|
0
|
|
2002
|
1
|
|
1997 through 2001
|
0
|
|
1996
|
1
|
|
1995
|
1
|
|
1994
|
2
|
|
1993
|
1
|
|
1992
|
11
|
|
1991
|
20
|
|
1990
|
3
|
|
1989
|
3
|
| DATE |
FAILED INSTITUTION
|
| Key to agency abbreviations | |
| September 13, 2013 | The Community's Bank, Bridgeport Closed by the DOB and the FDIC named as receiver. |
| September 30, 2005 | Circle Trust Company, Darien Closed by the DOB and placed into regulatory receivership. |
| June 26, 2002 | Connecticut Bank of Commerce, Stamford Closed by the DOB and the FDIC named as receiver. Insured deposits and certain assets assumed by Hudson United Bank, Mahwah, New Jersey. |
| July 12, 1996 | Fairfield First Bank and Trust Company, Fairfield Closed by the DOB and the FDIC named as receiver. Deposits and certain assets transferred to Norwalk Savings Society. |
| July 28, 1995 | Founders Bank, New Haven Closed by the DOB and the FDIC named as receiver. Insured deposits and certain assets transferred to Centerbank, Waterbury. |
| July 6, 1994 | Meriden Trust and Safe Deposit Company Closed by the FDIC in that agency's first exercise of its self-appointment as receiver powers granted by Congress in 1991. Operated as a "bridge bank" known as New Meriden Trust and Safe Deposit Company until a buyer was found. As a result of the earlier failure of Central Bank, the FDIC exercised its "cross guaranty" authority to assess Meriden Trust and hold it liable for Central Bank's estimated cost to the bank insurance fund. Meriden Trust was rendered insolvent as a result of the assessment. On Oct. 18, 1994, FDIC sold operations of the bank to People’s Savings Bank of New Britain. |
| June 10, 1994 | The Bank of Hartford The Banking Commissioner declared the financial condition of the bank to be unsafe and unsound and named FDIC as receiver. Deposits and certain assets transferred to Eagle Federal Savings Bank, Bristol. |
| May 21, 1993 | New England Savings Bank, New London Closed by the DOB and FDIC named as receiver. Insured deposits and certain assets transferred to Citizens Savings Bank, a subsidiary of the Providence, Rhode Island-based Citizens Financial Group, Inc. |
| December 4, 1992 | Burritt Interfinancial Bancorporation, New Britain Closed by the DOB and FDIC named as receiver. Insured deposits and certain assets transferred to Derby Savings Bank. |
| November 6, 1992 | Greenwood Bank of Bethel Closed by the DOB and FDIC named as receiver. Deposits and certain assets transferred to Union Savings Bank of Danbury. |
| October 2, 1992 | First Constitution Bank, New Haven While not insolvent, the Banking Commissioner declared the financial condition of the bank to be unsafe and unsound and named FDIC as receiver. Bank deposits and certain assets transferred to First Federal Bank, Waterbury. |
| June 26, 1992 | Vernon Bank, Vernon Closed by the DOB and FDIC named as receiver. Insured deposits and certain assets transferred to the Bank of South Windsor. |
| June 19, 1992 | Coastal Savings Bank, FSB, New LondonPlaced into conservatorship by the OTS and operated as Coastal Federal Savings Bank by the RTC until May 20, 1994 when Citizens Savings Bank, Rhode Island, acquired certain assets and assumed certain liabilities of seven branches of Coastal Federal. On May 12, approval was given to Chelsea Groton Savings Bank, Norwich, to assume deposits and acquire part of the assets of the Groton branch of Coastal and The New Haven Savings Bank assumed deposits and acquired part of the assets of Coastal's Centerbrook branch. |
| May 8, 1992 | The Brookfield Bank, Brookfield Closed by the DOB and FDIC named as receiver. Insured bank deposits transferred to Bristol Federal Savings Bank. |
| April 24, 1992 | The Norwalk Bank, Norwalk Closed by the DOB and FDIC named as receiver. Bank deposits transferred to The Bank of Darien. |
| April 9, 1992 | Fairfield County Trust Company, Stamford Closed by the DOB and FDIC named as receiver. Bank deposits transferred to Chase Manhattan Bank of Connecticut, N.A. Bridgeport. |
| April 3, 1992 | Summit National Bank, TorringtonClosed by the OCC. Insured deposits transferred to American Bank of Connecticut, Waterbury. |
| February 28, 1992 | Colony Savings Bank, Wallingford While not insolvent, the Banking Commissioner declared the financial condition of the bank to be unsafe and unsound and named FDIC as receiver. Bank deposits transfered to New Haven Savings Bank. |
| January 31, 1992 | Sentinel Bank, Hartford Closed by the DOB and FDIC named as receiver. Bank deposits transferred to Society For Savings. |
| December 13, 1991 | The Bank Mart, BridgeportWhile not insolvent, the Banking Commissioner declared the financial condition of the bank to be unsafe and unsound and named FDIC as receiver Gateway Bank, South Norwalk, assumed all deposits and certain assets. |
| December 13, 1991 | Bank of East Hartford Closed by the DOB and FDIC named as receiver. Bank of South Windsor assumed all deposits and certain assets. |
| December 6, 1991 | Saybrook Bank & Trust Company, Old SaybrookClosed by the DOB and FDIC named as receiver. New Haven Savings Bank, New Haven, assumed all deposits and acquired certain assets. |
| November 14, 1991 | Connecticut Savings Bank, New Haven Closed by the DOB and FDIC named as receiver. Centerbank, Waterbury, assumed all deposits and acquired certain assets. |
| October 18, 1991 | Central Bank, Meriden Closed by the DOB and FDIC named as receiver. Centerbank, Waterbury, assumed all deposits and certain other liabilities. |
| October 18, 1991 | Connecticut Valley Bank, Cromwell Closed by the DOB and FDIC named as receiver. MidConn Bank, Kensington, assumed deposit accounts and acquired certain assets. |
| October 3, 1991 | Harbor National Bank of Connecticut, Branford Closed by the OCC and the FDIC named as receiver. The New Haven Savings Bank assumed deposit accounts and acquired certain assets. |
| September 6, 1991 | Suffield Bank, Suffield Closed by the DOB and FDIC named as receiver. All deposits and certain assets transferred to First Federal Bank, FSB, Waterbury (formerly known as First Federal Savings & Loan Association of Waterbury). |
| August 16, 1991 | Enfield National Bank, Enfield Closed by the OCC. Insured deposits transferred to Savings Institute, Willimantic. Savings Institute also purchased certain loans and other assets. |
| August 9, 1991 | Mechanics & Farmers Savings Bank, FSB, Bridgeport FDIC named as receiver. Deposits and some assets were purchased by Chase Manhattan Bank of Connecticut, N.A. |
| August 9, 1991 | Citytrust, Bridgeport Closed by the DOB and FDIC named as receiver. Deposits and some assets were purchased by The Chase Manhattan Bank of Connecticut, N.A. |
| July 26, 1991 | Housatonic Bank and Trust Company, Ansonia Closed by the DOB and FDIC named as receiver. Deposits transferred to Shelton Savings Bank. |
| July 12, 1991 | Danbury Savings and Loan Association, Danbury Placed into conservatorship and operated as Danbury Federal Savings and Loan by the RTC until acquired on March 13, 1992 by Bristol Federal Savings Bank. |
| April 12, 1991 | Whitney Bank and Trust Company, Hamden Closed by the DOB and FDIC named as receiver. Insured deposits were transferred to First Constitution Bank, New Haven. |
| April 12, 1991 | Security Savings and Loan Association, Waterbury Placed in conservatorship and operated as Security Federal Savings and Loan Association by the RTC until acquired by American Bank of Connecticut, in Waterbury on March 20, 1992. |
| March 28, 1991 | Landmark, Hartford Closed by the DOB and FDIC named as receiver. All deposits sold to People's Bank, Bridgeport. |
| February 1, 1991 | Merchants Bank and Trust Company, Norwalk Closed by the DOB and FDIC named as receiver. Deposits and some assets sold to Union Trust Company, Stamford. |
| January 11, 1991 | Connecticut Savings and Loan Association, Hartford Placed into conservatorship and operated as Connecticut Federal Savings and Loan under management of the RTC until acquired by Bank of Boston Connecticut, Waterbury, on Feb. 7, 1992. |
| January 11, 1991 | Community National Bank, Glastonbury Closed by the OCC. Deposits and some assets purchased by Fleet Bank of Connecticut, Hartford. |
| January 6, 1991 | Connecticut Bank and Trust Company, N.A., Hartford Seized by the FDIC and operated as "Bridge Bank" called the New Connecticut Bank and Trust Company, N.A. from January 6 through July 13, 1991. On July 13, Fleet Bank of Connecticut converted to a national bank and assumed New Connecticut Bank and Trust Co., N.A. Name was changed to Fleet Bank, N.A., Hartford. |
| October 19, 1990 | Brooklyn Savings Bank, Danielson* Closed by the DOB and FDIC named as receiver. The Willimantic Savings Institute was authorized to buy certain assets and assume the liabilities. |
| August 17, 1990 | Financial Federal Savings Bank, HartfordTaken over and operated under RTC conservatorship until acquired by Northeast Savings, F.A. on June 19, 1991. |
| January 29, 1990 | Charter Federal Savings & Loan Association, StamfordTaken over and operated under RTC conservatorship until acquired by Greenwich Federal Savings & Loan on June 19, 1991. |
| December 7, 1989 | Community Federal Savings & Loan Association, BridgeportTaken over and operated under RTC conservatorship. On September 12, 1990, Union Trust Company, Stamford, assumed the deposit liabilities. |
| November 8, 1989 | National Industrial Bank, Meriden**Closed by the OCC. Deposits and some assets purchased by Central Bank, Meriden. |
| February 17, 1989 | Columbia Federal Savings Bank, Westport Taken over by the OTS and placed under the conservatorship of the RTC. Acquired by Gateway Bank, Norwalk, on April 12, 1990. |
| * First state-chartered bank to fail since 1977. ** First federally-chartered bank to fail in Connecticut in 12 years and only the second in 53 years. |
|
| Key to agency abbreviations | |
| DOB | Connecticut Department of Banking |
| FDIC | Federal Deposit Insurance Corporation |
| OCC | Office of the Comptroller of the Currency |
| OTS | Office of Thrift Supervision (now merged into the OCC, effective July 2011) |
| RTC | Resolution Trust Corporation (no longer in existence) |