Bank Failure
Columbia Fed. Savings Bank
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Closed February 17, 1989 · Westport, CT · FDIC Cert #31420.
- Closing date
- February 17, 1989
- Headquarters
- Westport, CT
- FDIC Certificate
- 31420
- Total assets at closing
- $145.6M
- Total deposits at closing
- $143.9M
- Estimated loss to the insurance fund
- $19.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Gateway Bank
Context
On February 17, 1989, regulators closed Columbia Fed. Savings Bank, headquartered in Westport, CT. At closing, the institution held approximately $145.6M in assets and $143.9M in deposits. The FDIC record names Gateway Bank as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $19.0M.
By assets at closing this is the 962nd largest of the 3,526 bank failures in the FDIC record, and the 171st 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 Columbia Fed. Savings Bank fail?
Columbia Fed. Savings Bank was closed by regulators on February 17, 1989.
Who acquired Columbia Fed. Savings Bank?
The FDIC record names Gateway Bank as the acquiring institution in the resolution of Columbia Fed. Savings Bank.
How big was Columbia Fed. Savings Bank when it failed?
Columbia Fed. Savings Bank had approximately $145.6M in total assets and $143.9M 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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