Bank Failure
City Savings, FSB
Closed December 8, 1989 · Somerset, NJ · FDIC Cert #28406.
- Closing date
- December 8, 1989
- Headquarters
- Somerset, NJ
- FDIC Certificate
- 28406
- Total assets at closing
- $9.81B
- Total deposits at closing
- $7.32B
- Estimated loss to DIF
- $1.57B
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On December 8, 1989, regulators closed City Savings, FSB, headquartered in Somerset, NJ. At closing, the institution held approximately $9.81B in assets and $7.32B in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the FDIC Deposit Insurance Fund was approximately $1.57B.
By assets at closing this is the 19th largest of the 3,524 bank failures in the FDIC record, and the 2nd 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 City Savings, FSB fail?
City Savings, FSB was closed by regulators on December 8, 1989.
How big was City Savings, FSB when it failed?
City Savings, FSB had approximately $9.81B in total assets and $7.32B 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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