Bank Failure
Continental FS & La
BankRegReports is independent of Continental FS & La and never asks for online banking logins or passwords.
Closed March 16, 1989 · Oklahoma City, OK · FDIC Cert #28058.
- Closing date
- March 16, 1989
- Headquarters
- Oklahoma City, OK
- FDIC Certificate
- 28058
- Total assets at closing
- $645.1M
- Total deposits at closing
- $528.4M
- Estimated loss to the insurance fund
- $198.9M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On March 16, 1989, regulators closed Continental FS & La, headquartered in Oklahoma City, OK. At closing, the institution held approximately $645.1M in assets and $528.4M 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 $198.9M.
By assets at closing this is the 305th largest of the 3,526 bank failures in the FDIC record, and the 54th 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 Continental FS & La fail?
Continental FS & La was closed by regulators on March 16, 1989.
How big was Continental FS & La when it failed?
Continental FS & La had approximately $645.1M in total assets and $528.4M 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 |
Explore: all failures · OK bank events · 1989 events · events hub