Bank Failure
First State Savings Bank
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Closed March 2, 1989 · Mountain Home, AR · FDIC Cert #31112.
- Closing date
- March 2, 1989
- Headquarters
- Mountain Home, AR
- FDIC Certificate
- 31112
- Total assets at closing
- $107.6M
- Total deposits at closing
- $128.5M
- Estimated loss to the insurance fund
- $52.2M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Worthen B&TC, N.A.
Context
On March 2, 1989, regulators closed First State Savings Bank, headquartered in Mountain Home, AR. At closing, the institution held approximately $107.6M in assets and $128.5M in deposits. The FDIC record names Worthen B&TC, N.A. as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $52.2M.
By assets at closing this is the 1149th largest of the 3,526 bank failures in the FDIC record, and the 209th 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 State Savings Bank fail?
First State Savings Bank was closed by regulators on March 2, 1989.
Who acquired First State Savings Bank?
The FDIC record names Worthen B&TC, N.A. as the acquiring institution in the resolution of First State Savings Bank.
How big was First State Savings Bank when it failed?
First State Savings Bank had approximately $107.6M in total assets and $128.5M 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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