Bank Failure
First FS & La
Closed February 17, 1989 · Largo, FL · FDIC Cert #31242.
- Closing date
- February 17, 1989
- Headquarters
- Largo, FL
- FDIC Certificate
- 31242
- Total assets at closing
- $334.4M
- Total deposits at closing
- $391.8M
- Estimated loss to DIF
- $99.3M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Barnett Bank of Pinnelas Co
Context
On February 17, 1989, regulators closed First FS & La, headquartered in Largo, FL. At closing, the institution held approximately $334.4M in assets and $391.8M in deposits. The FDIC arranged a resolution under which Barnett Bank of Pinnelas Co acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $99.3M.
By assets at closing this is the 514th largest of the 3,524 bank failures in the FDIC record, and the 85th 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 FS & La fail?
First FS & La was closed by regulators on February 17, 1989.
Who acquired First FS & La?
Barnett Bank of Pinnelas Co acquired the failed bank's deposits and operations on February 17, 1989 under an FDIC-brokered resolution.
How big was First FS & La when it failed?
First FS & La had approximately $334.4M in total assets and $391.8M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings ASSN. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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