Bank Failure

First FSA

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Closed August 31, 1990 · Winnfield, LA · FDIC Cert #29118.

Closing date: August 31, 1990
Headquarters: Winnfield, LA
FDIC Certificate: 29118
Total assets at closing: $54.7M
Total deposits at closing: $51.1M
Estimated loss to the insurance fund: $6.3M
Insurance fund: Resolution Trust Corporation (RTC)
Resolution: Failure (closed by regulators). The FDIC record lists the resolution as: deposit payout.

Context

On August 31, 1990, regulators closed First FSA, headquartered in Winnfield, LA. At closing, the institution held approximately $54.7M in assets and $51.1M in deposits. The FDIC record lists the resolution as a deposit payout; no acquiring institution is named. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $6.3M.

By assets at closing this is the 1579th largest of the 3,526 bank failures in the FDIC record, and the 208th of 381 in 1990. 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 FSA fail?

First FSA was closed by regulators on August 31, 1990.

How big was First FSA when it failed?

First FSA had approximately $54.7M in total assets and $51.1M in deposits at the time of failure.

Other failures in 1990

Date	Bank	HQ	Assets
Dec 28, 1990	Capitol Bank and Trust Company	Boston, MA	$485.6M
Dec 28, 1990	Southern FS	New Orleans, LA	$230.8M
Dec 28, 1990	First FS & La of Andalusia	Andalusia, AL	$38.7M
Dec 27, 1990	Enterprise Savings Bank, F.A.	Chicago, IL	$432.6M
Dec 21, 1990	Arkansas FSB	Little Rock, AR	$71.7M
Dec 15, 1990	Mid-America FS & La	Columbus, OH	$1.21B
Dec 14, 1990	Community FS & La	St. Louis, MO	$1.98B
Dec 14, 1990	Comfed Savings Bank	Lowell, MA	$1.40B

All 1990 events ›

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