Bank Failure
Imperial Federal Savings Assoc.
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Closed February 23, 1990 · San Diego, CA · FDIC Cert #28517.
- Closing date
- February 23, 1990
- Headquarters
- San Diego, CA
- FDIC Certificate
- 28517
- Total assets at closing
- $9.58B
- Total deposits at closing
- $6.62B
- Estimated loss to the insurance fund
- $203.1M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On February 23, 1990, regulators closed Imperial Federal Savings Assoc., headquartered in San Diego, CA. At closing, the institution held approximately $9.58B in assets and $6.62B in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $203.1M.
By assets at closing this is the 20th largest of the 3,526 bank failures in the FDIC record, and the 1st 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 Imperial Federal Savings Assoc. fail?
Imperial Federal Savings Assoc. was closed by regulators on February 23, 1990.
How big was Imperial Federal Savings Assoc. when it failed?
Imperial Federal Savings Assoc. had approximately $9.58B in total assets and $6.62B 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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