Bank Failure
First Savings of America FS & La
Closed March 16, 1989 · Orland Park, IL · FDIC Cert #32513.
- Closing date
- March 16, 1989
- Headquarters
- Orland Park, IL
- FDIC Certificate
- 32513
- Total assets at closing
- $23.5M
- Total deposits at closing
- $47.3M
- Estimated loss to DIF
- $31.4M
- Resolution
- Failure (closed by regulators)
- Acquirer
- St. Paul FB for Savings
Context
On March 16, 1989, regulators closed First Savings of America FS & La, headquartered in Orland Park, IL. At closing, the institution held approximately $23.5M in assets and $47.3M in deposits. The FDIC arranged a resolution under which St. Paul FB for Savings acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $31.4M.
By assets at closing this is the 2216th largest of the 3,526 bank failures in the FDIC record, and the 422nd 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 Savings of America FS & La fail?
First Savings of America FS & La was closed by regulators on March 16, 1989.
Who acquired First Savings of America FS & La?
St. Paul FB for Savings acquired the failed bank's deposits and operations on March 16, 1989 under an FDIC-brokered resolution.
How big was First Savings of America FS & La when it failed?
First Savings of America FS & La had approximately $23.5M in total assets and $47.3M 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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