Bank Failure
Heritage FSA
Closed April 20, 1990 · Lamar, CO · FDIC Cert #30301.
- Closing date
- April 20, 1990
- Headquarters
- Lamar, CO
- FDIC Certificate
- 30301
- Total assets at closing
- $45.9M
- Total deposits at closing
- $44.3M
- Estimated loss to DIF
- $8.2M
- Resolution
- Failure (closed by regulators)
- Acquirer
- First NB in Lamar
Context
On April 20, 1990, regulators closed Heritage FSA, headquartered in Lamar, CO. At closing, the institution held approximately $45.9M in assets and $44.3M in deposits. The FDIC arranged a resolution under which First NB in Lamar acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $8.2M.
By assets at closing this is the 1723rd largest of the 3,524 bank failures in the FDIC record, and the 232nd 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 Heritage FSA fail?
Heritage FSA was closed by regulators on April 20, 1990.
Who acquired Heritage FSA?
First NB in Lamar acquired the failed bank's deposits and operations on April 20, 1990 under an FDIC-brokered resolution.
How big was Heritage FSA when it failed?
Heritage FSA had approximately $45.9M in total assets and $44.3M 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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