Bank Failure
First Atlantic S & La
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Closed February 23, 1990 · Plainfield, NJ · FDIC Cert #27739.
- Closing date
- February 23, 1990
- Headquarters
- Plainfield, NJ
- FDIC Certificate
- 27739
- Total assets at closing
- $1.30B
- Total deposits at closing
- $1.01B
- Estimated loss to the insurance fund
- $233.5M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On February 23, 1990, regulators closed First Atlantic S & La, headquartered in Plainfield, NJ. At closing, the institution held approximately $1.30B in assets and $1.01B 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 $233.5M.
By assets at closing this is the 168th largest of the 3,526 bank failures in the FDIC record, and the 24th 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 First Atlantic S & La fail?
First Atlantic S & La was closed by regulators on February 23, 1990.
How big was First Atlantic S & La when it failed?
First Atlantic S & La had approximately $1.30B in total assets and $1.01B 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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