Bank Failure
Atlantic Financial Savings
BankRegReports is independent of Atlantic Financial Savings and never asks for online banking logins or passwords.
Closed January 11, 1990 · Bala Cynwyd, PA · FDIC Cert #28884.
- Closing date
- January 11, 1990
- Headquarters
- Bala Cynwyd, PA
- FDIC Certificate
- 28884
- Total assets at closing
- $5.30B
- Total deposits at closing
- $3.71B
- Estimated loss to the insurance fund
- $947.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On January 11, 1990, regulators closed Atlantic Financial Savings, headquartered in Bala Cynwyd, PA. At closing, the institution held approximately $5.30B in assets and $3.71B in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $947.0M.
By assets at closing this is the 39th largest of the 3,526 bank failures in the FDIC record, and the 7th 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 Atlantic Financial Savings fail?
Atlantic Financial Savings was closed by regulators on January 11, 1990.
How big was Atlantic Financial Savings when it failed?
Atlantic Financial Savings had approximately $5.30B in total assets and $3.71B 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 |
Explore: all failures · PA bank events · 1990 events · events hub