Bank Failure
First City FSB
BankRegReports is independent of First City FSB and never asks for online banking logins or passwords.
Closed September 7, 1990 · Lucedale, MS · FDIC Cert #31887.
- Closing date
- September 7, 1990
- Headquarters
- Lucedale, MS
- FDIC Certificate
- 31887
- Total assets at closing
- $41.7M
- Total deposits at closing
- $38.0M
- Estimated loss to the insurance fund
- $9.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Magnolia FB for Savings
Context
On September 7, 1990, regulators closed First City FSB, headquartered in Lucedale, MS. At closing, the institution held approximately $41.7M in assets and $38.0M in deposits. The FDIC record names Magnolia FB for Savings as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $9.0M.
By assets at closing this is the 1783rd largest of the 3,526 bank failures in the FDIC record, and the 242nd 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 City FSB fail?
First City FSB was closed by regulators on September 7, 1990.
Who acquired First City FSB?
The FDIC record names Magnolia FB for Savings as the acquiring institution in the resolution of First City FSB.
How big was First City FSB when it failed?
First City FSB had approximately $41.7M in total assets and $38.0M 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 |
Explore: all failures · MS bank events · 1990 events · events hub