Bank Failure
Florida Federal Savings Bank
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Closed November 9, 1990 · St. Petersburg, FL · FDIC Cert #28608.
- Closing date
- November 9, 1990
- Headquarters
- St. Petersburg, FL
- FDIC Certificate
- 28608
- Total assets at closing
- $4.12B
- Total deposits at closing
- $2.27B
- Estimated loss to the insurance fund
- $393.6M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Union Corp.
Context
On November 9, 1990, regulators closed Florida Federal Savings Bank, headquartered in St. Petersburg, FL. At closing, the institution held approximately $4.12B in assets and $2.27B in deposits. The FDIC record names First Union Corp. as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $393.6M.
By assets at closing this is the 50th largest of the 3,526 bank failures in the FDIC record, and the 10th 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 Florida Federal Savings Bank fail?
Florida Federal Savings Bank was closed by regulators on November 9, 1990.
Who acquired Florida Federal Savings Bank?
The FDIC record names First Union Corp. as the acquiring institution in the resolution of Florida Federal Savings Bank.
How big was Florida Federal Savings Bank when it failed?
Florida Federal Savings Bank had approximately $4.12B in total assets and $2.27B 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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