Failed Bank List

Closed Friday, December 11, 1992 · Philadelphia, Philadelphia County, Pennsylvania

Meritor Savings Bank

By total assets Meritor Savings Bank is the 49th-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. Its assets had shrunk 78% from their peak in the second quarter of 1987 by the last report before closing. Of the 67 failed banks on record in Pennsylvania since 1934, it ranks third by size.

On the books, 1984 to 1992

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$5B$10B$15B$20B19851986198719881989199019911992Closed
Total assets peaked at $18.6 billion. Equity capital stayed close to 6% of assets from the fourth quarter of 1984 to the last report. It reported a net loss in seven of its final nine reporting years. The deepest annual loss, $227 million, was booked in 1988.
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$240M−$240M1984: −$1.1 million19845.7%1985: $56.6 million19855.3%1986: $12.2 million19865.0%1987: −$74.4 million19874.3%1988: −$227 million19883.4%1989: −$91.1 million19894.0%1990: −$106 million19908.1%1991: −$103 million19917.2%1992: −$92.7 million1992*6.5%
* 1992: January to September only, the last report before closing.

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; Meritor Savings Bank in red.

By assets it ranked fourth of the 179 failures in 1992. In the size ranking of that year, just above it was Carteret Savings Bank, FA of Madison, New Jersey ($4.8 billion, loss 0.5% of assets); just below, Dollar Dry Dock Bank of White Plains, New York ($4.0 billion, loss 7.7% of assets). Every 1992 failure in the explorer.

Three other banks closed that day; the largest was Eastland Savings Bank of Woonsocket, Rhode Island, at $515 million.

Failures in Pennsylvania

It was one of six banks in Pennsylvania to fail in 1992. The previous failure there was First Home Savings Association of Pittsburgh, on June 19, 1992. The next was Metrobank of Philadelphia National Association of Philadelphia, on March 8, 1996. Philadelphia County has 10 failed banks on FDIC record since 1934. Closest in time: Chase Savings and Loan Association (1991), Alpha Indian Rock Savings and Loan Association (1992), Ukrainian Savings and Loan Association (1992), Metrobank of Philadelphia National Association (1996), Pulaski Savings Bank (2003).

Bank failures in Pennsylvania per year, 1980 to 2026024681987: 11989: 41990: 41991: 71992: 61996: 12003: 12007: 12009: 12010: 22011: 12012: 22014: 12016: 12024: 12026: 119801990200020102020
Per year since 1980, 1992 in red. Every Pennsylvania failure

FDIC certificate 15750 · loss estimate as of July 31, 2026 · How to read this page