Bank Failure

Progressive SB

Name: Progressive SB Bank Failure
Start: 1990-07-13
End: 1990-07-13
Location: Natchitoches, LA

Closed July 13, 1990 · Natchitoches, LA · FDIC Cert #29240.

Closing date: July 13, 1990
Headquarters: Natchitoches, LA
FDIC Certificate: 29240
Total assets at closing: $50.2M
Total deposits at closing: $46.5M
Estimated loss to DIF: $17.1M
Resolution: Failure (closed by regulators). The FDIC record lists the resolution as: deposit payout.

Context

On July 13, 1990, regulators closed Progressive SB, headquartered in Natchitoches, LA. At closing, the institution held approximately $50.2M in assets and $46.5M in deposits. The FDIC record lists the resolution as a deposit payout; no acquiring institution is named. The estimated cost to the FDIC Deposit Insurance Fund was approximately $17.1M.

By assets at closing this is the 1648th largest of the 3,526 bank failures in the FDIC record, and the 223rd 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 Progressive SB fail?

Progressive SB was closed by regulators on July 13, 1990.

How big was Progressive SB when it failed?

Progressive SB had approximately $50.2M in total assets and $46.5M in deposits at the time of failure.

Other failures in 1990

Date	Bank	HQ	Assets
Dec 28, 1990	Capitol Bank and Trust Company	Boston, MA	$485.6M
Dec 28, 1990	Southern FS	New Orleans, LA	$230.8M
Dec 28, 1990	First FS & La of Andalusia	Andalusia, AL	$38.7M
Dec 27, 1990	Enterprise Savings Bank, F.A.	Chicago, IL	$432.6M
Dec 21, 1990	Arkansas FSB	Little Rock, AR	$71.7M
Dec 15, 1990	Mid-America FS & La	Columbus, OH	$1.21B
Dec 14, 1990	Community FS & La	St. Louis, MO	$1.98B
Dec 14, 1990	Comfed Savings Bank	Lowell, MA	$1.40B

All 1990 events ›

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