Connecticut Regulators Close Down Fairfield First Bank and Trust

Connecticut regulators on Friday closed Fairfield First Bank and Trust Co., the 40th bank to fail in the state since 1989.

The Fairfield bank's two branches and $57.5 million in deposits were assumed by Norwalk Savings Society, which paid a premium of $3.9 million to the Federal Deposit Insurance Corp. The Norwalk thrift also bought $39.8 million in assets.

In addition, New England Bank and Trust Co., Windsor, bought another $1 million in nonperforming assets for a premium of $24,000, while the FDIC retained about $19.9 million in assets.

FDIC officials estimated the cost to the Bank Insurance Fund to be about $5.1 million.

This is the fourth bank failure this year and the first in Connecticut since Founders Bank in New Haven was closed in July 1995.

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