Bank Failure
Great Southern Federal Savings
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Closed June 22, 1989 · Savannah, GA · FDIC Cert #29507.
- Closing date
- June 22, 1989
- Headquarters
- Savannah, GA
- FDIC Certificate
- 29507
- Total assets at closing
- $880.2M
- Total deposits at closing
- $629.9M
- Estimated loss to the insurance fund
- $146.5M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Wachovia
Context
On June 22, 1989, regulators closed Great Southern Federal Savings, headquartered in Savannah, GA. At closing, the institution held approximately $880.2M in assets and $629.9M in deposits. The FDIC record names First Wachovia as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $146.5M.
By assets at closing this is the 243rd largest of the 3,526 bank failures in the FDIC record, and the 35th 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 Southern Federal Savings fail?
Great Southern Federal Savings was closed by regulators on June 22, 1989.
Who acquired Great Southern Federal Savings?
The FDIC record names First Wachovia as the acquiring institution in the resolution of Great Southern Federal Savings.
How big was Great Southern Federal Savings when it failed?
Great Southern Federal Savings had approximately $880.2M in total assets and $629.9M 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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