Bank Failure
First Network Savings Bank
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Closed April 20, 1990 · Los Angeles, CA · FDIC Cert #32187.
- Closing date
- April 20, 1990
- Headquarters
- Los Angeles, CA
- FDIC Certificate
- 32187
- Total assets at closing
- $303.8M
- Total deposits at closing
- $393.6M
- Estimated loss to the insurance fund
- $186.1M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: deposit payout.
Context
On April 20, 1990, regulators closed First Network Savings Bank, headquartered in Los Angeles, CA. At closing, the institution held approximately $303.8M in assets and $393.6M 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 $186.1M.
By assets at closing this is the 555th largest of the 3,526 bank failures in the FDIC record, and the 75th 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 Network Savings Bank fail?
First Network Savings Bank was closed by regulators on April 20, 1990.
How big was First Network Savings Bank when it failed?
First Network Savings Bank had approximately $303.8M in total assets and $393.6M 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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