Bank Failure
Commonwealth Federal S & L
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Closed July 20, 1989 · Fort Lauderdale, FL · FDIC Cert #32076.
- Closing date
- July 20, 1989
- Headquarters
- Fort Lauderdale, FL
- FDIC Certificate
- 32076
- Total assets at closing
- $1.58B
- Total deposits at closing
- $1.18B
- Estimated loss to the insurance fund
- $315.2M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On July 20, 1989, regulators closed Commonwealth Federal S & L, headquartered in Fort Lauderdale, FL. At closing, the institution held approximately $1.58B in assets and $1.18B in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $315.2M.
By assets at closing this is the 145th largest of the 3,526 bank failures in the FDIC record, and the 22nd 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 Commonwealth Federal S & L fail?
Commonwealth Federal S & L was closed by regulators on July 20, 1989.
How big was Commonwealth Federal S & L when it failed?
Commonwealth Federal S & L had approximately $1.58B in total assets and $1.18B 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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