Bank Failure
Salamanca Fed. Savings Assoc.
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Closed November 30, 1989 · Salamanca, NY · FDIC Cert #29436.
- Closing date
- November 30, 1989
- Headquarters
- Salamanca, NY
- FDIC Certificate
- 29436
- Total assets at closing
- $29.7M
- Total deposits at closing
- $29.7M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $1K is not consistent with a failure of this size)
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Cattaraugus City Bank
Context
On November 30, 1989, regulators closed Salamanca Fed. Savings Assoc., headquartered in Salamanca, NY. At closing, the institution held approximately $29.7M in assets and $29.7M in deposits. The FDIC record names Cattaraugus City Bank as the acquiring institution in the resolution.
By assets at closing this is the 2057th largest of the 3,526 bank failures in the FDIC record, and the 392nd of 530 in 1989. 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 Salamanca Fed. Savings Assoc. fail?
Salamanca Fed. Savings Assoc. was closed by regulators on November 30, 1989.
Who acquired Salamanca Fed. Savings Assoc.?
The FDIC record names Cattaraugus City Bank as the acquiring institution in the resolution of Salamanca Fed. Savings Assoc.
How big was Salamanca Fed. Savings Assoc. when it failed?
Salamanca Fed. Savings Assoc. had approximately $29.7M in total assets and $29.7M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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