Closed Friday, March 19, 2004 · White Plains, Westchester County, New York
Reliance Bank
No bank in New York had failed for four years, since Golden City Commercial Bank closed in 1999. Reliance Bank was the third-largest of the 4 bank failures in 2004. It reported a net loss in four of its final eight reporting years.
On the books, 1996 to 2003
Total assets peaked at $33.5 million in the second quarter of 2001 and were 15% lower at the final report. Equity capital went from 7.7% of assets in the first quarter of 1996 to 2.4% at 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, $3.0 million, was booked in 2001.
Size against the other 2004 failures
Total assets of each 2004 failure, log scale; Reliance Bank in red.
Within New York it ranks 46th by size of the 73 failures recorded since 1934. Across the failures of 2004, the median estimated loss came to 1.6% of assets. In the size ranking of that year, just above it was Bank of Ephraim of Ephraim, Utah ($56.8 million, loss 5.3% of assets); just below, Dollar Savings Bank of Newark, New Jersey ($13.4 million, no estimated loss). Every 2004 failure in the explorer.
Failures in New York
The next was Waterford Village Bank of Williamsville, on July 24, 2009. Westchester County has 5 failed banks on FDIC record since 1934. The others: Larchmont Federal Savings and Loan Association (1991), Dollar Dry Dock Bank (1992), American Savings Bank (1992), USA Bank (2010).