Failed Bank List

Closed Friday, January 24, 1992 · Brooklyn, Kings County, New York

CrossLand Savings, FSB

By total assets CrossLand Savings, FSB is the 26th-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. Its estimated cost to the Bank Insurance Fund makes it the 45th-costliest failure on FDIC record since 1934. Its assets had shrunk 42% from their peak in the first quarter of 1989 by the last report before closing.

On the books, 1984 to 1991

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$4B$8B$12B$16B1985198619871988198919901991Closed
Total assets peaked at $12.7 billion. Equity capital went from 1.5% of assets in the first quarter of 1984 to below zero at the last report. By then 14% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final eight reporting years. The deepest annual loss, $458 million, was booked in 1991.
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$600M−$600M1984: $56.1 million19842.6%1985: $148 million19856.5%1986: $101 million19867.4%1987: $100 million19878.3%1988: $15.3 million19887.1%1989: −$192 million19895.6%1990: −$421 million19902.5%1991: −$458 million1991neg.

Size against the other 1992 failures

Total assets of the 179 banks that failed in 1992, log scale$1M$10M$100M$1B$10B$100B
Total assets of each 1992 failure, log scale; CrossLand Savings in red.

It was the second-largest of the 179 bank failures in 1992. Within New York it ranks fourth by size of the 73 failures recorded since 1934. In the size ranking of that year, just above it was HomeFed Bank, Federal Savings Bank of San Diego, California ($12.2 billion, loss 6.2% of assets); just below, Carteret Savings Bank, FA of Madison, New Jersey ($4.8 billion, loss 0.5% of assets). Every 1992 failure in the explorer.

Three other banks closed that day; the largest was Banco Nacional, National Association of San Juan, Puerto Rico, at $52.1 million.

Failures in New York

In 1992 regulators closed 8 banks in New York; this was the first. The previous failure there was Community National Bank and Trust Company of New York of New York, on November 7, 1991. The next was Dollar Dry Dock Bank of White Plains, on February 21, 1992. Kings County has 3 failed banks on FDIC record since 1934. The others: Franklin National Bank (1974), Nassau Federal Savings and Loan Association (1990).

Bank failures in New York per year, 1980 to 20260369121981: 11985: 21987: 11988: 11989: 41990: 121991: 71992: 81993: 11995: 11999: 12004: 12009: 12010: 32023: 119801990200020102020
Per year since 1980, 1992 in red. Every New York failure

FDIC certificate 16013 · loss estimate as of July 31, 2026 · How to read this page