Bank Failure
First FED. S & L Assoc.
Closed June 22, 1989 · Americus, GA · FDIC Cert #30458.
- Closing date
- June 22, 1989
- Headquarters
- Americus, GA
- FDIC Certificate
- 30458
- Total assets at closing
- $54.4M
- Total deposits at closing
- $49.8M
- Estimated loss to DIF
- $8.8M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Sumter Bank & Trust
Context
On June 22, 1989, regulators closed First FED. S & L Assoc., headquartered in Americus, GA. At closing, the institution held approximately $54.4M in assets and $49.8M in deposits. The FDIC arranged a resolution under which Sumter Bank & Trust acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $8.8M.
By assets at closing this is the 1584th largest of the 3,524 bank failures in the FDIC record, and the 305th 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 First FED. S & L Assoc. fail?
First FED. S & L Assoc. was closed by regulators on June 22, 1989.
Who acquired First FED. S & L Assoc.?
Sumter Bank & Trust acquired the failed bank's deposits and operations on June 22, 1989 under an FDIC-brokered resolution.
How big was First FED. S & L Assoc. when it failed?
First FED. S & L Assoc. had approximately $54.4M in total assets and $49.8M 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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