Bank Failure
Continental Savings, a FS & La
Closed March 9, 1989 · Bellaire, TX · FDIC Cert #32616.
- Closing date
- March 9, 1989
- Headquarters
- Bellaire, TX
- FDIC Certificate
- 32616
- Total assets at closing
- $354.6M
- Total deposits at closing
- $587.4M
- Estimated loss to DIF
- $803.3M
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On March 9, 1989, regulators closed Continental Savings, a FS & La, headquartered in Bellaire, TX. At closing, the institution held approximately $354.6M in assets and $587.4M in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the FDIC Deposit Insurance Fund was approximately $803.3M.
By assets at closing this is the 492nd largest of the 3,524 bank failures in the FDIC record, and the 84th 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 Savings, a FS & La fail?
Continental Savings, a FS & La was closed by regulators on March 9, 1989.
How big was Continental Savings, a FS & La when it failed?
Continental Savings, a FS & La had approximately $354.6M in total assets and $587.4M 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 |
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