Bank Failure
Constitution Fed. Savings Assoc.
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Closed April 12, 1990 · Monterey Park, CA · FDIC Cert #31271.
- Closing date
- April 12, 1990
- Headquarters
- Monterey Park, CA
- FDIC Certificate
- 31271
- Total assets at closing
- $66.4M
- Total deposits at closing
- $64.8M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $3K is not consistent with a failure of this size)
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: deposit payout.
Context
On April 12, 1990, regulators closed Constitution Fed. Savings Assoc., headquartered in Monterey Park, CA. At closing, the institution held approximately $66.4M in assets and $64.8M in deposits. The FDIC record lists the resolution as a deposit payout; no acquiring institution is named.
By assets at closing this is the 1454th largest of the 3,526 bank failures in the FDIC record, and the 184th of 381 in 1990. 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 Constitution Fed. Savings Assoc. fail?
Constitution Fed. Savings Assoc. was closed by regulators on April 12, 1990.
How big was Constitution Fed. Savings Assoc. when it failed?
Constitution Fed. Savings Assoc. had approximately $66.4M in total assets and $64.8M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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