Bank Failure
Great Atlantic Savings Bank
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Closed March 30, 1989 · Manteo, NC · FDIC Cert #32405.
- Closing date
- March 30, 1989
- Headquarters
- Manteo, NC
- FDIC Certificate
- 32405
- Total assets at closing
- $126.8M
- Total deposits at closing
- $123.8M
- Estimated loss to the insurance fund
- $48.3M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- NCNB NB of NC
Context
On March 30, 1989, regulators closed Great Atlantic Savings Bank, headquartered in Manteo, NC. At closing, the institution held approximately $126.8M in assets and $123.8M in deposits. The FDIC record names NCNB NB of NC as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $48.3M.
By assets at closing this is the 1054th largest of the 3,526 bank failures in the FDIC record, and the 193rd 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 Great Atlantic Savings Bank fail?
Great Atlantic Savings Bank was closed by regulators on March 30, 1989.
Who acquired Great Atlantic Savings Bank?
The FDIC record names NCNB NB of NC as the acquiring institution in the resolution of Great Atlantic Savings Bank.
How big was Great Atlantic Savings Bank when it failed?
Great Atlantic Savings Bank had approximately $126.8M in total assets and $123.8M 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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