Bank Failure
First FSA of Waynesboro
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Closed February 8, 1991 · Waynesboro, TN · FDIC Cert #29585.
- Closing date
- February 8, 1991
- Headquarters
- Waynesboro, TN
- FDIC Certificate
- 29585
- Total assets at closing
- $18.2M
- Total deposits at closing
- $18.1M
- Estimated loss to the insurance fund
- $2.1M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Wayne County Bank
Context
On February 8, 1991, regulators closed First FSA of Waynesboro, headquartered in Waynesboro, TN. At closing, the institution held approximately $18.2M in assets and $18.1M in deposits. The FDIC record names Wayne County Bank as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $2.1M.
By assets at closing this is the 2415th largest of the 3,526 bank failures in the FDIC record, and the 242nd 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 FSA of Waynesboro fail?
First FSA of Waynesboro was closed by regulators on February 8, 1991.
Who acquired First FSA of Waynesboro?
The FDIC record names Wayne County Bank as the acquiring institution in the resolution of First FSA of Waynesboro.
How big was First FSA of Waynesboro when it failed?
First FSA of Waynesboro had approximately $18.2M in total assets and $18.1M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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