Bank Failure
Horizon Financial, F.A.
Closed June 8, 1989 · Southampton, PA · FDIC Cert #29830.
- Closing date
- June 8, 1989
- Headquarters
- Southampton, PA
- FDIC Certificate
- 29830
- Total assets at closing
- $2.49B
- Total deposits at closing
- $1.80B
- Estimated loss to DIF
- $305.9M
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On June 8, 1989, regulators closed Horizon Financial, F.A., headquartered in Southampton, PA. At closing, the institution held approximately $2.49B in assets and $1.80B 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 $305.9M.
By assets at closing this is the 89th largest of the 3,526 bank failures in the FDIC record, and the 13th 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 Horizon Financial, F.A. fail?
Horizon Financial, F.A. was closed by regulators on June 8, 1989.
How big was Horizon Financial, F.A. when it failed?
Horizon Financial, F.A. had approximately $2.49B in total assets and $1.80B 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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