Bank Failure
Hill Financial Sa
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Closed March 9, 1989 · Red Hill, PA · FDIC Cert #30204.
- Closing date
- March 9, 1989
- Headquarters
- Red Hill, PA
- FDIC Certificate
- 30204
- Total assets at closing
- $3.00B
- Total deposits at closing
- $2.47B
- Estimated loss to the insurance fund
- $730.7M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Meridian Financial Sa, F.A.
Context
On March 9, 1989, regulators closed Hill Financial Sa, headquartered in Red Hill, PA. At closing, the institution held approximately $3.00B in assets and $2.47B in deposits. The FDIC record names Meridian Financial Sa, F.A. as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $730.7M.
By assets at closing this is the 76th largest of the 3,526 bank failures in the FDIC record, and the 10th 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 Hill Financial Sa fail?
Hill Financial Sa was closed by regulators on March 9, 1989.
Who acquired Hill Financial Sa?
The FDIC record names Meridian Financial Sa, F.A. as the acquiring institution in the resolution of Hill Financial Sa.
How big was Hill Financial Sa when it failed?
Hill Financial Sa had approximately $3.00B in total assets and $2.47B 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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