Failed Bank List

Closed Wednesday, June 26, 2002 · Stamford, Fairfield County, Connecticut

Connecticut Bank of Commerce

No bank in Connecticut had failed for five years, since Fairfield First Bank & Trust Company closed in 1996. In the three years to the third quarter of 2001, Connecticut Bank of Commerce's assets grew 380%. It was the third-largest of the 11 bank failures in 2002.

On the books, 1994 to 2002

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$150M$300M$450M$600M1995199619971998199920002001Closed
Total assets peaked at $418 million and were 8% lower at the final report. Equity capital went from 0.8% of assets in the second quarter of 1994 to 7.7% at the last report. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $3.9 million, was booked in 2001.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$6M−$6M1994: −$2.9 million19943.9%1995: −$1.4 million19954.3%1996: −$939 thousand19966.2%1997: $2.1 million19977.0%1998: $414 thousand19987.8%1999: $1.2 million19998.2%2000: $5.6 million20008.1%2001: −$3.9 million20016.7%2002: $1.3 million2002*7.7%
* 2002: January to March only, the last report before closing.

Size against the other 2002 failures

Total assets of the 11 banks that failed in 2002, log scale$10M$100M$1B$10B
Total assets of each 2002 failure, log scale; Connecticut Bank of Commerce in red.

Within Connecticut it ranks tenth by size of the 47 failures recorded since 1934. Across the failures of 2002, the median estimated loss came to 16% of assets. In the size ranking of that year, just above it was NextBank, NA of Phoenix, Arizona ($700 million, loss 23% of assets); just below, AmTrade International Bank of Atlanta, Georgia ($92.1 million, loss 1.4% of assets). Every 2002 failure in the explorer.

Failures in Connecticut

The next was The Community's Bank of Bridgeport, on September 13, 2013. Fairfield County has 16 failed banks on FDIC record since 1934. Closest in time: Fairfield County Trust Company (1992), The Norwalk Bank (1992), Brookfield Bank (1992), Greenwood Bank of Bethel, Inc. (1992), Fairfield First Bank & Trust Company (1996).

Bank failures in Connecticut per year, 1980 to 2026051015201989: 31990: 31991: 201992: 111993: 11994: 21995: 11996: 12002: 12013: 119801990200020102020
Per year since 1980, 2002 in red. Every Connecticut failure

FDIC certificate 19183 · loss estimate as of July 31, 2026 · How to read this page