Bank Failure

First FED. S & L Assoc.

Name: First FED. S & L Assoc. Bank Failure
Start: 1989-03-09
End: 1989-03-09
Location: Atlanta, GA

Closed March 9, 1989 · Atlanta, GA · FDIC Cert #27702.

Closing date: March 9, 1989
Headquarters: Atlanta, GA
FDIC Certificate: 27702
Total assets at closing: $301.0M
Total deposits at closing: $249.8M
Estimated loss to DIF: $18.2M
Resolution: Failure (closed by regulators)
Acquirer: Merchant Bank of Atlanta

Context

On March 9, 1989, regulators closed First FED. S & L Assoc., headquartered in Atlanta, GA. At closing, the institution held approximately $301.0M in assets and $249.8M in deposits. The FDIC arranged a resolution under which Merchant Bank of Atlanta acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $18.2M.

By assets at closing this is the 555th largest of the 3,524 bank failures in the FDIC record, and the 93rd 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 March 9, 1989.

Who acquired First FED. S & L Assoc.?

Merchant Bank of Atlanta acquired the failed bank's deposits and operations on March 9, 1989 under an FDIC-brokered resolution.

How big was First FED. S & L Assoc. when it failed?

First FED. S & L Assoc. had approximately $301.0M in total assets and $249.8M in deposits at the time of failure.

Other failures in 1989

Date	Bank	HQ	Assets
Dec 21, 1989	Columbia FSA	Nassau Bay, TX	$77.1M
Dec 21, 1989	Silver Savings Assoc.	Silver City, NM	$32.2M
Dec 20, 1989	First City National Bank and Trust	New York, NY	$39.5M
Dec 20, 1989	United Community Bank	Westlake Village, CA	$32.3M
Dec 15, 1989	First American Bank and Trust	North Palm Beach, FL	$1.38B
Dec 14, 1989	Yorkridge-Calvert Federal Savings	Baltimore, MD	$585.8M
Dec 14, 1989	Louisiana Savings ASSN.	Lake Charles, LA	$449.3M
Dec 14, 1989	First Acadiana Bank	Eunice, LA	$46.8M

All 1989 events ›

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