Closed Friday, February 21, 1992 · White Plains, Westchester County, New York
Dollar Dry Dock Bank
In 1992 regulators closed 8 banks in New York; this was the third. Dollar Dry Dock Bank reported a net loss in three of its final eight reporting years. It had 1,107 employees at its last report.
On the books, 1984 to 1991
Total assets peaked at $5.2 billion in the second quarter of 1984 and were 22% lower at the final report. Equity capital stayed close to 2% of assets from the first quarter of 1984 to the last report. By then 11% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $45.8 million, was booked in 1991.
Size against the other 1992 failures
Total assets of each 1992 failure, log scale; Dollar Dry Dock Bank in red.
By assets it ranked fifth of the 179 failures in 1992. Within New York it ranks fifth by size of the 73 failures recorded since 1934. Ranked by estimated loss, it is 124th of 2,944 failures since 1934. In the size ranking of that year, just above it was Meritor Savings Bank of Philadelphia, Pennsylvania ($4.1 billion, no estimated loss); just below, The Howard Savings Bank of Newark, New Jersey ($3.5 billion, loss 2.0% of assets). Every 1992 failure in the explorer.
Two other banks closed that day; the largest was The Bank of The Brandywine Valley of West Chester, Pennsylvania, at $44.9 million.
Failures in New York
The previous failure there was American National Bank of New York of Fleischmanns, on January 24, 1992. The next was American Savings Bank of White Plains, on June 12, 1992. Westchester County has 5 failed banks on FDIC record since 1934. The others: Larchmont Federal Savings and Loan Association (1991), American Savings Bank (1992), Reliance Bank (2004), USA Bank (2010).