Bank Failure
First Standard Fed. Savings Assoc.
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Closed February 23, 1990 · Fairmont, WV · FDIC Cert #30510.
- Closing date
- February 23, 1990
- Headquarters
- Fairmont, WV
- FDIC Certificate
- 30510
- Total assets at closing
- $77.6M
- Total deposits at closing
- $75.6M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $4K is not consistent with a failure of this size)
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Community B&T, N.A.
Context
On February 23, 1990, regulators closed First Standard Fed. Savings Assoc., headquartered in Fairmont, WV. At closing, the institution held approximately $77.6M in assets and $75.6M in deposits. The FDIC record names Community B&T, N.A. as the acquiring institution in the resolution.
By assets at closing this is the 1355th largest of the 3,526 bank failures in the FDIC record, and the 174th 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 Standard Fed. Savings Assoc. fail?
First Standard Fed. Savings Assoc. was closed by regulators on February 23, 1990.
Who acquired First Standard Fed. Savings Assoc.?
The FDIC record names Community B&T, N.A. as the acquiring institution in the resolution of First Standard Fed. Savings Assoc.
How big was First Standard Fed. Savings Assoc. when it failed?
First Standard Fed. Savings Assoc. had approximately $77.6M in total assets and $75.6M 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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