FDIC Open-Bank Assistance
Cartersville FSB of Georgia
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Assistance provided March 30, 1989 · Cartersville, GA · FDIC Cert #29160.
- Assistance date
- March 30, 1989
- Headquarters
- Cartersville, GA
- FDIC Certificate
- 29160
- Total assets at the time
- $56.7M
- Total deposits at the time
- $58.7M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this transaction)
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Prudential Savings Bank FSB
Context
On March 30, 1989, the FDIC provided open-bank assistance to Cartersville FSB of Georgia, headquartered in Cartersville, GA. The institution continued operating. At the time it held approximately $56.7M in assets and $58.7M in deposits. The FDIC record names Prudential Savings Bank FSB as the acquiring institution in the assisted transaction.
The FDIC record for 1989 holds 530 failures and 4 open-bank assistance transactions. 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 the FDIC provide assistance to Cartersville FSB of Georgia?
Cartersville FSB of Georgia received FDIC open-bank assistance on March 30, 1989; it did not fail.
How big was Cartersville FSB of Georgia at the time of assistance?
Cartersville FSB of Georgia had approximately $56.7M in total assets and $58.7M in deposits at the time of assistance.
Bank 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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