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Bank Failure

First Savings Assoc.

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Closed January 26, 1990 · Bismark, ND · FDIC Cert #28929.

Closing date
January 26, 1990
Headquarters
Bismark, ND
FDIC Certificate
28929
Total assets at closing
$113.4M
Total deposits at closing
$100.5M
Estimated loss to the insurance fund
$16.7M
Insurance fund
Resolution Trust Corporation (RTC)
Resolution
Failure (closed by regulators)
Acquirer
Metropolitan FB, FSB

Context

On January 26, 1990, regulators closed First Savings Assoc., headquartered in Bismark, ND. At closing, the institution held approximately $113.4M in assets and $100.5M in deposits. The FDIC record names Metropolitan FB, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $16.7M.

By assets at closing this is the 1116th largest of the 3,526 bank failures in the FDIC record, and the 146th 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 Savings Assoc. fail?

First Savings Assoc. was closed by regulators on January 26, 1990.

Who acquired First Savings Assoc.?

The FDIC record names Metropolitan FB, FSB as the acquiring institution in the resolution of First Savings Assoc.

How big was First Savings Assoc. when it failed?

First Savings Assoc. had approximately $113.4M in total assets and $100.5M 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