Data / Bank failures / 1989 / Columbia Fed. Savings Bank
Columbia Fed. Savings Bank, Westport, CT: failed February 17, 1989
Columbia Fed. Savings Bank in Westport, Connecticut, failed on February 17, 1989. Gateway Bank of South Norwalk, CT, took over its deposits. It held $145.6 million in assets and $143.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $19 million (13.1% of its assets). By assets it was the 172nd largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- February 17, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Gateway Bank, South Norwalk, CT
- Total assets
- $145,634,000
- Total deposits
- $143,925,000
- Estimated cost to the FDIC
- $19,019,083 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 31420
Other bank failures in Connecticut, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Bank of East Hartford | East Hartford | December 13, 1991 | $36.6 million | $38.4 million | $12.9 million | Bank of South Windsor |
| The Bank Mart | Bridgeport | December 13, 1991 | $578.2 million | $486.8 million | $93.9 million | Gateway Bank |
| Saybrook Bank and Trust Company | Old Saybrook | December 6, 1991 | $77.3 million | $78.4 million | $18.7 million | The New Haven Savings Bank |
| Connecticut Savings Bank | New Haven | November 14, 1991 | $1.04 billion | $897.7 million | $203.5 million | Centerbank |
| Connecticut Valley Bank | Cromwell | October 18, 1991 | $28.4 million | $27.9 million | $8.6 million | Midconn Bank |
| Central Bank | Meriden | October 18, 1991 | $654.7 million | $627.9 million | $242.1 million | Centerbank |
| Harbor National Bank of Connecticut | Branford | October 3, 1991 | $22.9 million | $22.8 million | $1.7 million | The New Haven Savings Bank |
| Suffield Bank | Suffield | September 6, 1991 | $294.8 million | $257 million | $83.6 million | First Federal Bank, FSB |
Other failed banks Gateway Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| The Bank Mart | Bridgeport | CT | December 13, 1991 | $578.2 million | $486.8 million | $93.9 million | Gateway Bank |
All bank failures in 1989 · All bank failures in Connecticut · Every failed bank Gateway Bank took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.