Bank Failure
Action Federal Savings
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Closed November 15, 1990 · Sommers Point, NJ · FDIC Cert #30223.
- Closing date
- November 15, 1990
- Headquarters
- Sommers Point, NJ
- FDIC Certificate
- 30223
- Total assets at closing
- $262.0M
- Total deposits at closing
- $199.0M
- Estimated loss to the insurance fund
- $81.7M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First FSB of DE
Context
On November 15, 1990, regulators closed Action Federal Savings, headquartered in Sommers Point, NJ. At closing, the institution held approximately $262.0M in assets and $199.0M in deposits. The FDIC record names First FSB of DE as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $81.7M.
By assets at closing this is the 618th largest of the 3,526 bank failures in the FDIC record, and the 80th of 381 in 1990. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Action Federal Savings fail?
Action Federal Savings was closed by regulators on November 15, 1990.
Who acquired Action Federal Savings?
The FDIC record names First FSB of DE as the acquiring institution in the resolution of Action Federal Savings.
How big was Action Federal Savings when it failed?
Action Federal Savings had approximately $262.0M in total assets and $199.0M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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