Bank Failure
Life FSB
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Closed January 29, 1993 · Baton Rouge, LA · FDIC Cert #33186.
- Closing date
- January 29, 1993
- Headquarters
- Baton Rouge, LA
- FDIC Certificate
- 33186
- Total assets at closing
- $16.8M
- Total deposits at closing
- $16.5M
- Estimated loss to the insurance fund
- $2.2M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Liberty B&T Co
Context
On January 29, 1993, regulators closed Life FSB, headquartered in Baton Rouge, LA. At closing, the institution held approximately $16.8M in assets and $16.5M in deposits. The FDIC record names Liberty B&T Co as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $2.2M.
By assets at closing this is the 2472nd largest of the 3,526 bank failures in the FDIC record, and the 43rd of 50 in 1993. 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 Life FSB fail?
Life FSB was closed by regulators on January 29, 1993.
Who acquired Life FSB?
The FDIC record names Liberty B&T Co as the acquiring institution in the resolution of Life FSB.
How big was Life FSB when it failed?
Life FSB had approximately $16.8M in total assets and $16.5M in deposits at the time of failure.
Other failures in 1993
| Date | Bank | Assets |
|---|---|---|
| Nov 5, 1993 | Century Thrift and Loan | $31.9M |
| Oct 29, 1993 | The Bank of San Diego | $294.3M |
| Oct 21, 1993 | Mid City Bank, N.A. | $105.7M |
| Oct 15, 1993 | Brentwood Thrift and Loan Association | $12.9M |
| Oct 14, 1993 | Plaza Bank, N.A. of New Braunfels | $54.6M |
| Sep 24, 1993 | Westside Bank, FSB | $81.7M |
| Sep 24, 1993 | Western United National Bank | $23.7M |
| Sep 17, 1993 | Regent Thrift and Loan Association | $35.8M |
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