Data / Bank failures / 1988 / First Intercounty Bank of New York
First Intercounty Bank of New York, New York, NY: failed March 11, 1988
First Intercounty Bank of New York in New York, New York, failed on March 11, 1988. Community NB&T Co of Ny of New York City, NY, took over its deposits. It held $44.1 million in assets and $37.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $8 million (18.1% of its assets). By assets it was the 292nd largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- March 11, 1988
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Community NB&T Co of Ny, New York City, NY
- Total assets
- $44,079,000
- Total deposits
- $37,927,000
- Estimated cost to the FDIC
- $7,969,296 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 26227
Other bank failures in New York, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Central Federal Savings | Mineola | December 7, 1990 | $890.8 million | $848.4 million | $247.6 million | Chemical Bank |
| Edison Fsa | New York | November 30, 1990 | $140.1 million | $115.8 million | $3.9 million | Flushing SB |
| Freedom National Bank of New York | New York | November 9, 1990 | $110.4 million | $101 million | $12.3 million | |
| Yorkville Federal Savings | New York | September 21, 1990 | $344.7 million | $347 million | $76.8 million | Northern SB |
| Ensign Bank, FSB | New York | August 31, 1990 | $1.78 billion | $1.47 billion | $628.5 million | |
| The Permanent Savings Bank | Niagara Falls | July 13, 1990 | $330 million | $319.3 million | Key Bank of Western New Yor | |
| Capital National Bank | Bronx | July 6, 1990 | $158.2 million | $145.8 million | $56.1 million | New York Capital Bank, N.A. |
| The Seamen's Bank of Savings, FS | New York | April 18, 1990 | $3.39 billion | $2.14 billion | $148 million | The Chase Manhattan Bank(na |
All bank failures in 1988 · All bank failures in New York · 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.