Bank Failure
First Federal Sav. ASSOC./BLUEFIELD
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Closed February 23, 1990 · Bluefield, WV · FDIC Cert #28176.
- Closing date
- February 23, 1990
- Headquarters
- Bluefield, WV
- FDIC Certificate
- 28176
- Total assets at closing
- $39.3M
- Total deposits at closing
- $33.2M
- Estimated loss to the insurance fund
- $2.6M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First FSB
Context
On February 23, 1990, regulators closed First Federal Sav. ASSOC./BLUEFIELD, headquartered in Bluefield, WV. At closing, the institution held approximately $39.3M in assets and $33.2M in deposits. The FDIC record names First FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $2.6M.
By assets at closing this is the 1833rd largest of the 3,526 bank failures in the FDIC record, and the 247th 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 Federal Sav. ASSOC./BLUEFIELD fail?
First Federal Sav. ASSOC./BLUEFIELD was closed by regulators on February 23, 1990.
Who acquired First Federal Sav. ASSOC./BLUEFIELD?
The FDIC record names First FSB as the acquiring institution in the resolution of First Federal Sav. ASSOC./BLUEFIELD.
How big was First Federal Sav. ASSOC./BLUEFIELD when it failed?
First Federal Sav. ASSOC./BLUEFIELD had approximately $39.3M in total assets and $33.2M 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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