Bank Failure
Lewis County Savings and Loan Co
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Closed May 12, 1989 · Weston, WV · FDIC Cert #26636.
- Closing date
- May 12, 1989
- Headquarters
- Weston, WV
- FDIC Certificate
- 26636
- Total assets at closing
- $4.0M
- Total deposits at closing
- $3.9M
- Estimated loss to the insurance fund
- $405K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Community Bank & Trust, Nat
Context
On May 12, 1989, regulators closed Lewis County Savings and Loan Co, headquartered in Weston, WV. At closing, the institution held approximately $4.0M in assets and $3.9M in deposits. The FDIC record names Community Bank & Trust, Nat as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $405K.
By assets at closing this is the 3032nd largest of the 3,526 bank failures in the FDIC record, and the 528th 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 Lewis County Savings and Loan Co fail?
Lewis County Savings and Loan Co was closed by regulators on May 12, 1989.
Who acquired Lewis County Savings and Loan Co?
The FDIC record names Community Bank & Trust, Nat as the acquiring institution in the resolution of Lewis County Savings and Loan Co.
How big was Lewis County Savings and Loan Co when it failed?
Lewis County Savings and Loan Co had approximately $4.0M in total assets and $3.9M 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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