Bank Failure
First Valley S&LA
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Closed February 24, 1989 · Pikeville, TN · FDIC Cert #31886.
- Closing date
- February 24, 1989
- Headquarters
- Pikeville, TN
- FDIC Certificate
- 31886
- Total assets at closing
- $11.9M
- Total deposits at closing
- $12.9M
- Estimated loss to the insurance fund
- $5.1M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
Context
On February 24, 1989, regulators closed First Valley S&LA, headquartered in Pikeville, TN. At closing, the institution held approximately $11.9M in assets and $12.9M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $5.1M.
By assets at closing this is the 2693rd largest of the 3,526 bank failures in the FDIC record, and the 485th 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 Valley S&LA fail?
First Valley S&LA was closed by regulators on February 24, 1989.
How big was First Valley S&LA when it failed?
First Valley S&LA had approximately $11.9M in total assets and $12.9M 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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