Bank Failure
First FSA of Tuscola
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Closed August 17, 1990 · Tuscola, IL · FDIC Cert #29297.
- Closing date
- August 17, 1990
- Headquarters
- Tuscola, IL
- FDIC Certificate
- 29297
- Total assets at closing
- $23.2M
- Total deposits at closing
- $23.4M
- Estimated loss to the insurance fund
- $2.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First NB of Arcola
Context
On August 17, 1990, regulators closed First FSA of Tuscola, headquartered in Tuscola, IL. At closing, the institution held approximately $23.2M in assets and $23.4M in deposits. The FDIC record names First NB of Arcola as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $2.0M.
By assets at closing this is the 2230th largest of the 3,526 bank failures in the FDIC record, and the 300th 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 of Tuscola fail?
First FSA of Tuscola was closed by regulators on August 17, 1990.
Who acquired First FSA of Tuscola?
The FDIC record names First NB of Arcola as the acquiring institution in the resolution of First FSA of Tuscola.
How big was First FSA of Tuscola when it failed?
First FSA of Tuscola had approximately $23.2M in total assets and $23.4M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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