Bank failure · NY

First New York Bank for Business (New York, NY) — failed November 13, 1992

First New York Bank for Business of New York, New York was closed on November 13, 1992 and resolved through a purchase and assumption (insured deposits). Merchants Bank of New Yo (NY) took over its insured deposits. At failure it held $530.7M in assets and $498.9M in deposits. The FDIC's estimated loss on the failure is $164.6M (31.0% of assets).