Bank Failure
First FS & La
Closed February 22, 1991 · Dallas, GA · FDIC Cert #31206.
- Closing date
- February 22, 1991
- Headquarters
- Dallas, GA
- FDIC Certificate
- 31206
- Total assets at closing
- $37.5M
- Total deposits at closing
- $36.2M
- Estimated loss to DIF
- $4.1M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Etowah Bank
Context
On February 22, 1991, regulators closed First FS & La, headquartered in Dallas, GA. At closing, the institution held approximately $37.5M in assets and $36.2M in deposits. The FDIC arranged a resolution under which Etowah Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $4.1M.
By assets at closing this is the 1857th largest of the 3,524 bank failures in the FDIC record, and the 191st 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 FS & La fail?
First FS & La was closed by regulators on February 22, 1991.
Who acquired First FS & La?
Etowah Bank acquired the failed bank's deposits and operations on February 22, 1991 under an FDIC-brokered resolution.
How big was First FS & La when it failed?
First FS & La had approximately $37.5M in total assets and $36.2M 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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