Bank Failure
Security Fed. Savings Association
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Closed November 16, 1989 · Garden Grove, CA · FDIC Cert #30982.
- Closing date
- November 16, 1989
- Headquarters
- Garden Grove, CA
- FDIC Certificate
- 30982
- Total assets at closing
- $71.0M
- Total deposits at closing
- $74.7M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $3K is not consistent with a failure of this size)
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Itt FB, FSB
Context
On November 16, 1989, regulators closed Security Fed. Savings Association, headquartered in Garden Grove, CA. At closing, the institution held approximately $71.0M in assets and $74.7M in deposits. The FDIC record names Itt FB, FSB as the acquiring institution in the resolution.
By assets at closing this is the 1416th largest of the 3,526 bank failures in the FDIC record, and the 266th 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 Security Fed. Savings Association fail?
Security Fed. Savings Association was closed by regulators on November 16, 1989.
Who acquired Security Fed. Savings Association?
The FDIC record names Itt FB, FSB as the acquiring institution in the resolution of Security Fed. Savings Association.
How big was Security Fed. Savings Association when it failed?
Security Fed. Savings Association had approximately $71.0M in total assets and $74.7M 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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