Failed Bank List

Closed Friday, May 31, 1991 · Buffalo, Erie County, New York

Goldome

By total assets Goldome is the 18th-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 42nd-costliest failure on FDIC record since 1934. Regulators closed eight banks that day.

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$16B198519861987198819891990Closed
Total assets peaked at $13.4 billion in the third quarter of 1988 and were 26% lower at the final report. Equity capital went from 2.8% of assets in the first quarter of 1984 to 1.0% at the last report. It reported a net loss in three of its final eight reporting years. The deepest annual loss, $253 million, was booked in 1989.
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$320M−$320M1984: $619 thousand19843.1%1985: $12.3 million19853.1%1986: $43.3 million19863.1%1987: $17.7 million19873.5%1988: −$119 million19882.5%1989: −$253 million19890.9%1990: −$1.7 million19900.9%1991: $10.1 million1991*1.0%
* 1991: January to March only, the last report before closing.

Size against the other 1991 failures

Total assets of the 268 banks that failed in 1991, log scale$1M$10M$100M$1B$10B$100B
Total assets of each 1991 failure, log scale; Goldome in red.

It was the third-largest of the 268 bank failures in 1991. Of the 73 failed banks on record in New York since 1934, it ranks second by size. In the size ranking of that year, just above it was Southeast Bank, National Association of Miami, Florida ($11.0 billion, no estimated loss); just below, Great American Bank, a Federal Savings Bank of San Diego, California ($9.5 billion, loss 10% of assets). Every 1991 failure in the explorer.

The largest of the others was Goldome Savings Bank, F.S.B. of St. Petersburg, Florida, at $1.5 billion.

Failures in New York

It was one of seven banks in New York to fail in 1991. The previous failure there was State Savings, F.A. of Jackson Heights, on March 22, 1991. The next was Larchmont Federal Savings and Loan Association of Larchmont, on August 9, 1991. Erie County has 3 failed banks on FDIC record since 1934. The others: Empire of America FSB (1990), Waterford Village Bank (2009).

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, 1991 in red. Every New York failure

FDIC certificate 15963 · loss estimate as of July 31, 2026 · How to read this page