Bank Failure
New South Federal Savings Bank
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Closed December 18, 2009 · Irondale, AL · FDIC Cert #32276.
- Closing date
- December 18, 2009
- Headquarters
- Irondale, AL
- FDIC Certificate
- 32276
- Total assets at closing
- $1.46B
- Total deposits at closing
- $1.16B
- Estimated loss to the insurance fund
- $311.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Beal Bank
Context
On December 18, 2009, regulators closed New South Federal Savings Bank, headquartered in Irondale, AL. At closing, the institution held approximately $1.46B in assets and $1.16B in deposits. The FDIC record names Beal Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $311.6M.
By assets at closing this is the 154th largest of the 3,526 bank failures in the FDIC record, and the 22nd of 140 in 2009. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did New South Federal Savings Bank fail?
New South Federal Savings Bank was closed by regulators on December 18, 2009.
Who acquired New South Federal Savings Bank?
The FDIC record names Beal Bank as the acquiring institution in the resolution of New South Federal Savings Bank.
How big was New South Federal Savings Bank when it failed?
New South Federal Savings Bank had approximately $1.46B in total assets and $1.16B in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
| Dec 11, 2009 | Republic Federal Bank, N.A. | $433.0M |
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