Bank Failure
Preffered Savings and Loan
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Closed March 8, 1991 · High Point, NC · FDIC Cert #32340.
- Closing date
- March 8, 1991
- Headquarters
- High Point, NC
- FDIC Certificate
- 32340
- Total assets at closing
- $224.5M
- Total deposits at closing
- $174.8M
- Estimated loss to the insurance fund
- $19.2M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Southern NB of NC
Context
On March 8, 1991, regulators closed Preffered Savings and Loan, headquartered in High Point, NC. At closing, the institution held approximately $224.5M in assets and $174.8M in deposits. The FDIC record names Southern NB of NC as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $19.2M.
By assets at closing this is the 703rd largest of the 3,526 bank failures in the FDIC record, and the 84th 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 Preffered Savings and Loan fail?
Preffered Savings and Loan was closed by regulators on March 8, 1991.
Who acquired Preffered Savings and Loan?
The FDIC record names Southern NB of NC as the acquiring institution in the resolution of Preffered Savings and Loan.
How big was Preffered Savings and Loan when it failed?
Preffered Savings and Loan had approximately $224.5M in total assets and $174.8M 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 |
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