Bank Failure
American S & La
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Closed February 17, 1989 · Salt Lake City, UT · FDIC Cert #28582.
- Closing date
- February 17, 1989
- Headquarters
- Salt Lake City, UT
- FDIC Certificate
- 28582
- Total assets at closing
- $2.18B
- Total deposits at closing
- $1.39B
- Estimated loss to the insurance fund
- $152.5M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Pacific First FSB
Context
On February 17, 1989, regulators closed American S & La, headquartered in Salt Lake City, UT. At closing, the institution held approximately $2.18B in assets and $1.39B in deposits. The FDIC record names Pacific First FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $152.5M.
By assets at closing this is the 99th largest of the 3,526 bank failures in the FDIC record, and the 15th of 530 in 1989. 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 & La fail?
American S & La was closed by regulators on February 17, 1989.
Who acquired American S & La?
The FDIC record names Pacific First FSB as the acquiring institution in the resolution of American S & La.
How big was American S & La when it failed?
American S & La had approximately $2.18B in total assets and $1.39B in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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