Bank Failure
Amerifirst Federal Savings
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Closed March 15, 1991 · Miami, FL · FDIC Cert #28683.
- Closing date
- March 15, 1991
- Headquarters
- Miami, FL
- FDIC Certificate
- 28683
- Total assets at closing
- $3.58B
- Total deposits at closing
- $2.87B
- Estimated loss to the insurance fund
- $557.5M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Great Western Bank, FSB
Context
On March 15, 1991, regulators closed Amerifirst Federal Savings, headquartered in Miami, FL. At closing, the institution held approximately $3.58B in assets and $2.87B in deposits. The FDIC record names Great Western Bank, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $557.5M.
By assets at closing this is the 59th largest of the 3,526 bank failures in the FDIC record, and the 9th of 268 in 1991. 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 Amerifirst Federal Savings fail?
Amerifirst Federal Savings was closed by regulators on March 15, 1991.
Who acquired Amerifirst Federal Savings?
The FDIC record names Great Western Bank, FSB as the acquiring institution in the resolution of Amerifirst Federal Savings.
How big was Amerifirst Federal Savings when it failed?
Amerifirst Federal Savings had approximately $3.58B in total assets and $2.87B in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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