Bank Failure
Bank USA, Federal Association
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Closed May 25, 1990 · Silvis, IL · FDIC Cert #31938.
- Closing date
- May 25, 1990
- Headquarters
- Silvis, IL
- FDIC Certificate
- 31938
- Total assets at closing
- $22.9M
- Total deposits at closing
- $20.9M
- Estimated loss to the insurance fund
- -$433K
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Metrobank
Context
On May 25, 1990, regulators closed Bank USA, Federal Association, headquartered in Silvis, IL. At closing, the institution held approximately $22.9M in assets and $20.9M in deposits. The FDIC record names Metrobank as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately -$433K.
By assets at closing this is the 2238th largest of the 3,526 bank failures in the FDIC record, and the 302nd 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 Bank USA, Federal Association fail?
Bank USA, Federal Association was closed by regulators on May 25, 1990.
Who acquired Bank USA, Federal Association?
The FDIC record names Metrobank as the acquiring institution in the resolution of Bank USA, Federal Association.
How big was Bank USA, Federal Association when it failed?
Bank USA, Federal Association had approximately $22.9M in total assets and $20.9M 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 |
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