Bank Failure
Pioneer Savings Bank, FSB
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Closed February 2, 1990 · Clearwater, FL · FDIC Cert #30803.
- Closing date
- February 2, 1990
- Headquarters
- Clearwater, FL
- FDIC Certificate
- 30803
- Total assets at closing
- $1.94B
- Total deposits at closing
- $1.42B
- Estimated loss to the insurance fund
- $217.2M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Great Western Bank, FSB
Context
On February 2, 1990, regulators closed Pioneer Savings Bank, FSB, headquartered in Clearwater, FL. At closing, the institution held approximately $1.94B in assets and $1.42B in deposits. The FDIC record names Great Western Bank, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $217.2M.
By assets at closing this is the 116th largest of the 3,526 bank failures in the FDIC record, and the 18th 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 Pioneer Savings Bank, FSB fail?
Pioneer Savings Bank, FSB was closed by regulators on February 2, 1990.
Who acquired Pioneer Savings Bank, FSB?
The FDIC record names Great Western Bank, FSB as the acquiring institution in the resolution of Pioneer Savings Bank, FSB.
How big was Pioneer Savings Bank, FSB when it failed?
Pioneer Savings Bank, FSB had approximately $1.94B in total assets and $1.42B 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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