Bank Failure
American S & L Association
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Closed May 5, 1995 · New York, NY · FDIC Cert #29781.
- Closing date
- May 5, 1995
- Headquarters
- New York, NY
- FDIC Certificate
- 29781
- Total assets at closing
- $64.4M
- Total deposits at closing
- $57.7M
- Estimated loss to the insurance fund
- $6.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Interbank of New York
Context
On May 5, 1995, regulators closed American S & L Association, headquartered in New York, NY. At closing, the institution held approximately $64.4M in assets and $57.7M in deposits. The FDIC record names Interbank of New York as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $6.0M.
By assets at closing this is the 1475th largest of the 3,526 bank failures in the FDIC record, and the 6th of 8 in 1995. 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 American S & L Association fail?
American S & L Association was closed by regulators on May 5, 1995.
Who acquired American S & L Association?
The FDIC record names Interbank of New York as the acquiring institution in the resolution of American S & L Association.
How big was American S & L Association when it failed?
American S & L Association had approximately $64.4M in total assets and $57.7M in deposits at the time of failure.
Other failures in 1995
| Date | Bank | Assets |
|---|---|---|
| Jul 28, 1995 | Pacific Heritage Bank | $147.7M |
| Jul 28, 1995 | Founders Bank | $77.4M |
| May 19, 1995 | Bank USA, N.A. | $9.0M |
| Apr 28, 1995 | Continental Savings of America | $359.4M |
| Mar 31, 1995 | Los Angeles Thrift and Loan Company | $23.4M |
| Mar 3, 1995 | First Trust Bank | $227.7M |
| Jan 20, 1995 | Guardian Bank | $316.9M |
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