Bank Failure
First FS&LA in New Albany
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Closed January 27, 1989 · New Albany, MS · FDIC Cert #31846.
- Closing date
- January 27, 1989
- Headquarters
- New Albany, MS
- FDIC Certificate
- 31846
- Total assets at closing
- $20.8M
- Total deposits at closing
- $17.5M
- Estimated loss to the insurance fund
- $4.9M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
Context
On January 27, 1989, regulators closed First FS&LA in New Albany, headquartered in New Albany, MS. At closing, the institution held approximately $20.8M in assets and $17.5M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $4.9M.
By assets at closing this is the 2308th largest of the 3,526 bank failures in the FDIC record, and the 432nd of 530 in 1989. 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 in New Albany fail?
First FS&LA in New Albany was closed by regulators on January 27, 1989.
How big was First FS&LA in New Albany when it failed?
First FS&LA in New Albany had approximately $20.8M in total assets and $17.5M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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