Bank Failure

First FSA

Name: First FSA Bank Failure
Start: 1990-05-18
End: 1990-05-18
Location: Borger, TX

Closed May 18, 1990 · Borger, TX · FDIC Cert #30432.

Closing date: May 18, 1990
Headquarters: Borger, TX
FDIC Certificate: 30432
Total assets at closing: $63.2M
Total deposits at closing: $53.7M
Estimated loss to DIF: $16.6M
Resolution: Failure (closed by regulators)
Acquirer: Amarillo NB

Context

On May 18, 1990, regulators closed First FSA, headquartered in Borger, TX. At closing, the institution held approximately $63.2M in assets and $53.7M in deposits. The FDIC arranged a resolution under which Amarillo NB acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $16.6M.

By assets at closing this is the 1486th largest of the 3,524 bank failures in the FDIC record, and the 193rd 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 May 18, 1990.

Who acquired First FSA?

Amarillo NB acquired the failed bank's deposits and operations on May 18, 1990 under an FDIC-brokered resolution.

How big was First FSA when it failed?

First FSA had approximately $63.2M in total assets and $53.7M 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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