Bank Failure
Citizens S & La of Springfield
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Closed September 7, 1989 · Springfield, IL · FDIC Cert #28107.
- Closing date
- September 7, 1989
- Headquarters
- Springfield, IL
- FDIC Certificate
- 28107
- Total assets at closing
- $89.3M
- Total deposits at closing
- $78.5M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $6K is not consistent with a failure of this size)
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Magna Bank of Springfield
Context
On September 7, 1989, regulators closed Citizens S & La of Springfield, headquartered in Springfield, IL. At closing, the institution held approximately $89.3M in assets and $78.5M in deposits. The FDIC record names Magna Bank of Springfield as the acquiring institution in the resolution.
By assets at closing this is the 1276th largest of the 3,526 bank failures in the FDIC record, and the 238th 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 Citizens S & La of Springfield fail?
Citizens S & La of Springfield was closed by regulators on September 7, 1989.
Who acquired Citizens S & La of Springfield?
The FDIC record names Magna Bank of Springfield as the acquiring institution in the resolution of Citizens S & La of Springfield.
How big was Citizens S & La of Springfield when it failed?
Citizens S & La of Springfield had approximately $89.3M in total assets and $78.5M 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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