Bank Failure
Baltimore Federal Financial
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Closed February 7, 1989 · Baltimore, MD · FDIC Cert #28503.
- Closing date
- February 7, 1989
- Headquarters
- Baltimore, MD
- FDIC Certificate
- 28503
- Total assets at closing
- $1.57B
- Total deposits at closing
- $1.25B
- Estimated loss to the insurance fund
- $357.9M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Household Bank, FSB
Context
On February 7, 1989, regulators closed Baltimore Federal Financial, headquartered in Baltimore, MD. At closing, the institution held approximately $1.57B in assets and $1.25B in deposits. The FDIC record names Household Bank, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $357.9M.
By assets at closing this is the 148th largest of the 3,526 bank failures in the FDIC record, and the 23rd 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 Baltimore Federal Financial fail?
Baltimore Federal Financial was closed by regulators on February 7, 1989.
Who acquired Baltimore Federal Financial?
The FDIC record names Household Bank, FSB as the acquiring institution in the resolution of Baltimore Federal Financial.
How big was Baltimore Federal Financial when it failed?
Baltimore Federal Financial had approximately $1.57B in total assets and $1.25B 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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