Bank Failure
Commonwealth Savings Assoc.
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Closed March 9, 1989 · Houston, TX · FDIC Cert #31896.
- Closing date
- March 9, 1989
- Headquarters
- Houston, TX
- FDIC Certificate
- 31896
- Total assets at closing
- $1.65B
- Total deposits at closing
- $1.61B
- Estimated loss to the insurance fund
- $1.61B
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On March 9, 1989, regulators closed Commonwealth Savings Assoc., headquartered in Houston, TX. At closing, the institution held approximately $1.65B in assets and $1.61B 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 $1.61B.
By assets at closing this is the 136th largest of the 3,526 bank failures in the FDIC record, and the 20th 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 Savings Assoc. fail?
Commonwealth Savings Assoc. was closed by regulators on March 9, 1989.
How big was Commonwealth Savings Assoc. when it failed?
Commonwealth Savings Assoc. had approximately $1.65B in total assets and $1.61B 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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