Bank Failure
Fairmont Federal Savings Assoc.
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Closed February 9, 1990 · Fairmont, MN · FDIC Cert #28205.
- Closing date
- February 9, 1990
- Headquarters
- Fairmont, MN
- FDIC Certificate
- 28205
- Total assets at closing
- $46.0M
- Total deposits at closing
- $46.4M
- Estimated loss to the insurance fund
- $1.3M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Farmers & Merchant NB
Context
On February 9, 1990, regulators closed Fairmont Federal Savings Assoc., headquartered in Fairmont, MN. At closing, the institution held approximately $46.0M in assets and $46.4M in deposits. The FDIC record names First Farmers & Merchant NB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $1.3M.
By assets at closing this is the 1723rd largest of the 3,526 bank failures in the FDIC record, and the 231st 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 Fairmont Federal Savings Assoc. fail?
Fairmont Federal Savings Assoc. was closed by regulators on February 9, 1990.
Who acquired Fairmont Federal Savings Assoc.?
The FDIC record names First Farmers & Merchant NB as the acquiring institution in the resolution of Fairmont Federal Savings Assoc.
How big was Fairmont Federal Savings Assoc. when it failed?
Fairmont Federal Savings Assoc. had approximately $46.0M in total assets and $46.4M 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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