Bank Failure
Great American FS & La
Closed February 16, 1990 · Oak Park, IL · FDIC Cert #28911.
- Closing date
- February 16, 1990
- Headquarters
- Oak Park, IL
- FDIC Certificate
- 28911
- Total assets at closing
- $1.01B
- Total deposits at closing
- $736.4M
- Estimated loss to DIF
- $10.5M
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On February 16, 1990, regulators closed Great American FS & La, headquartered in Oak Park, IL. At closing, the institution held approximately $1.01B in assets and $736.4M in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the FDIC Deposit Insurance Fund was approximately $10.5M.
By assets at closing this is the 209th largest of the 3,526 bank failures in the FDIC record, and the 30th 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 Great American FS & La fail?
Great American FS & La was closed by regulators on February 16, 1990.
How big was Great American FS & La when it failed?
Great American FS & La had approximately $1.01B in total assets and $736.4M 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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