Bank Failure
Cornerstone Federal Savings
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Closed July 13, 1989 · Houston, TX · FDIC Cert #32398.
- Closing date
- July 13, 1989
- Headquarters
- Houston, TX
- FDIC Certificate
- 32398
- Total assets at closing
- $112.4M
- Total deposits at closing
- $110.4M
- Estimated loss to the insurance fund
- $26.7M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Great Southwest Savings, F.A.
Context
On July 13, 1989, regulators closed Cornerstone Federal Savings, headquartered in Houston, TX. At closing, the institution held approximately $112.4M in assets and $110.4M in deposits. The FDIC record names Great Southwest Savings, F.A. as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $26.7M.
By assets at closing this is the 1123rd largest of the 3,526 bank failures in the FDIC record, and the 206th 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 Cornerstone Federal Savings fail?
Cornerstone Federal Savings was closed by regulators on July 13, 1989.
Who acquired Cornerstone Federal Savings?
The FDIC record names Great Southwest Savings, F.A. as the acquiring institution in the resolution of Cornerstone Federal Savings.
How big was Cornerstone Federal Savings when it failed?
Cornerstone Federal Savings had approximately $112.4M in total assets and $110.4M 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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