Bank Failure
Freedom S & La
Closed February 7, 1989 · Tampa, FL · FDIC Cert #32549.
- Closing date
- February 7, 1989
- Headquarters
- Tampa, FL
- FDIC Certificate
- 32549
- Total assets at closing
- $1.40B
- Total deposits at closing
- $1.13B
- Estimated loss to DIF
- $329.7M
- Resolution
- Failure (closed by regulators)
- Acquirer
- NCNB NB of FL
Context
On February 7, 1989, regulators closed Freedom S & La, headquartered in Tampa, FL. At closing, the institution held approximately $1.40B in assets and $1.13B in deposits. The FDIC arranged a resolution under which NCNB NB of FL acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $329.7M.
By assets at closing this is the 161st largest of the 3,524 bank failures in the FDIC record, and the 26th 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 Freedom S & La fail?
Freedom S & La was closed by regulators on February 7, 1989.
Who acquired Freedom S & La?
NCNB NB of FL acquired the failed bank's deposits and operations on February 7, 1989 under an FDIC-brokered resolution.
How big was Freedom S & La when it failed?
Freedom S & La had approximately $1.40B in total assets and $1.13B 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 |
Explore: all failures · FL bank events · 1989 events · events hub