Bank Failure

First FS & La of Pittsburg

Name: First FS & La of Pittsburg Bank Failure
Start: 1991-01-04
End: 1991-01-04
Location: Pittsburgh, PA

Closed January 4, 1991 · Pittsburgh, PA · FDIC Cert #29161.

Closing date: January 4, 1991
Headquarters: Pittsburgh, PA
FDIC Certificate: 29161
Total assets at closing: $3.09B
Total deposits at closing: $2.34B
Estimated loss to DIF: $96.0M
Resolution: Failure (closed by regulators)
Acquirer: PNC Interim FSB

Context

On January 4, 1991, regulators closed First FS & La of Pittsburg, headquartered in Pittsburgh, PA. At closing, the institution held approximately $3.09B in assets and $2.34B in deposits. The FDIC arranged a resolution under which PNC Interim FSB acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $96.0M.

By assets at closing this is the 73rd largest of the 3,524 bank failures in the FDIC record, and the 10th 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 of Pittsburg fail?

First FS & La of Pittsburg was closed by regulators on January 4, 1991.

Who acquired First FS & La of Pittsburg?

PNC Interim FSB acquired the failed bank's deposits and operations on January 4, 1991 under an FDIC-brokered resolution.

How big was First FS & La of Pittsburg when it failed?

First FS & La of Pittsburg had approximately $3.09B in total assets and $2.34B in deposits at the time of failure.

Other failures in 1991

Date	Bank	HQ	Assets
Dec 20, 1991	North Ridge Bank	Oakland Park, FL	$94.3M
Dec 13, 1991	Investors FSB	Richmond, VA	$2.06B
Dec 13, 1991	The Bank Mart	Bridgeport, CT	$578.2M
Dec 13, 1991	Merchants National Bank	Leominster, MA	$153.6M
Dec 13, 1991	Bank of East Hartford	East Hartford, CT	$36.6M
Dec 13, 1991	Federal Finance & Mortgage, LTD	Honolulu, HI	$7.7M
Dec 12, 1991	Granite Co-Operative Bank	Quincy, MA	$103.8M
Dec 6, 1991	Saybrook Bank and Trust Company	Old Saybrook, CT	$77.3M

All 1991 events ›

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