Bank failure · CT
The Merchants Bank and Trust Co (Norwalk, CT) — failed February 1, 1991
The Merchants Bank and Trust Co of Norwalk, Connecticut was closed on February 1, 1991 and resolved through a purchase and assumption. Union Trust Company (CT) took over its insured deposits. At failure it held $269.9M in assets and $269.0M in deposits. The FDIC's estimated loss on the failure is $87.5M (32.4% of assets).
- Closing date
- February 1, 1991
- FDIC certificate #
- 11272
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Union Trust Company
- Insurance fund
- BIF
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