Bank Failure
Peoples Federal S & L Assoc.
BankRegReports is independent of Peoples Federal S & L Assoc. and never asks for online banking logins or passwords.
Closed March 1, 1991 · New Kensington, PA · FDIC Cert #29643.
- Closing date
- March 1, 1991
- Headquarters
- New Kensington, PA
- FDIC Certificate
- 29643
- Total assets at closing
- $107.6M
- Total deposits at closing
- $98.6M
- Estimated loss to the insurance fund
- $2.5M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Johnstown B&TC
Context
On March 1, 1991, regulators closed Peoples Federal S & L Assoc., headquartered in New Kensington, PA. At closing, the institution held approximately $107.6M in assets and $98.6M in deposits. The FDIC record names Johnstown B&TC as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $2.5M.
By assets at closing this is the 1151st largest of the 3,526 bank failures in the FDIC record, and the 124th of 268 in 1991. 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 Peoples Federal S & L Assoc. fail?
Peoples Federal S & L Assoc. was closed by regulators on March 1, 1991.
Who acquired Peoples Federal S & L Assoc.?
The FDIC record names Johnstown B&TC as the acquiring institution in the resolution of Peoples Federal S & L Assoc.
How big was Peoples Federal S & L Assoc. when it failed?
Peoples Federal S & L Assoc. had approximately $107.6M in total assets and $98.6M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
Explore: all failures · PA bank events · 1991 events · events hub