Bank Failure
First Federal Savings
Closed September 27, 1991 · Beaumont, TX · FDIC Cert #27633.
- Closing date
- September 27, 1991
- Headquarters
- Beaumont, TX
- FDIC Certificate
- 27633
- Total assets at closing
- $251.2M
- Total deposits at closing
- $251.7M
- Estimated loss to DIF
- $24.9M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Kilgore FS&LA
Context
On September 27, 1991, regulators closed First Federal Savings, headquartered in Beaumont, TX. At closing, the institution held approximately $251.2M in assets and $251.7M in deposits. The FDIC arranged a resolution under which Kilgore FS&LA acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $24.9M.
By assets at closing this is the 640th largest of the 3,524 bank failures in the FDIC record, and the 79th of 268 in 1991. 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 Savings fail?
First Federal Savings was closed by regulators on September 27, 1991.
Who acquired First Federal Savings?
Kilgore FS&LA acquired the failed bank's deposits and operations on September 27, 1991 under an FDIC-brokered resolution.
How big was First Federal Savings when it failed?
First Federal Savings had approximately $251.2M in total assets and $251.7M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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