Bank Failure
First Federal Savings of Toledo
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Closed February 1, 1991 · Toledo, OH · FDIC Cert #29422.
- Closing date
- February 1, 1991
- Headquarters
- Toledo, OH
- FDIC Certificate
- 29422
- Total assets at closing
- $1.02B
- Total deposits at closing
- $1.02B
- Estimated loss to the insurance fund
- $38.4M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First FSB
Context
On February 1, 1991, regulators closed First Federal Savings of Toledo, headquartered in Toledo, OH. At closing, the institution held approximately $1.02B in assets and $1.02B 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 $38.4M.
By assets at closing this is the 205th largest of the 3,526 bank failures in the FDIC record, and the 33rd 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 of Toledo fail?
First Federal Savings of Toledo was closed by regulators on February 1, 1991.
Who acquired First Federal Savings of Toledo?
The FDIC record names First FSB as the acquiring institution in the resolution of First Federal Savings of Toledo.
How big was First Federal Savings of Toledo when it failed?
First Federal Savings of Toledo had approximately $1.02B in total assets and $1.02B 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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