Bank Failure
George Washington FSA
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Closed February 1, 1991 · Jonesborough, TN · FDIC Cert #31859.
- Closing date
- February 1, 1991
- Headquarters
- Jonesborough, TN
- FDIC Certificate
- 31859
- Total assets at closing
- $14.6M
- Total deposits at closing
- $13.3M
- Estimated loss to the insurance fund
- $1.3M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Home FS&LA of Upper E. TN
Context
On February 1, 1991, regulators closed George Washington FSA, headquartered in Jonesborough, TN. At closing, the institution held approximately $14.6M in assets and $13.3M in deposits. The FDIC record names Home FS&LA of Upper E. TN as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $1.3M.
By assets at closing this is the 2555th largest of the 3,526 bank failures in the FDIC record, and the 255th of 268 in 1991. 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 George Washington FSA fail?
George Washington FSA was closed by regulators on February 1, 1991.
Who acquired George Washington FSA?
The FDIC record names Home FS&LA of Upper E. TN as the acquiring institution in the resolution of George Washington FSA.
How big was George Washington FSA when it failed?
George Washington FSA had approximately $14.6M in total assets and $13.3M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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