Bank Failure
Security First FS & La
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Closed April 10, 1992 · Daytona Beach, FL · FDIC Cert #29222.
- Closing date
- April 10, 1992
- Headquarters
- Daytona Beach, FL
- FDIC Certificate
- 29222
- Total assets at closing
- $1.01B
- Total deposits at closing
- $904.2M
- Estimated loss to the insurance fund
- $24.1M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Union NB of FL
Context
On April 10, 1992, regulators closed Security First FS & La, headquartered in Daytona Beach, FL. At closing, the institution held approximately $1.01B in assets and $904.2M in deposits. The FDIC record names First Union NB of FL as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $24.1M.
By assets at closing this is the 208th largest of the 3,526 bank failures in the FDIC record, and the 23rd of 179 in 1992. 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 First FS & La fail?
Security First FS & La was closed by regulators on April 10, 1992.
Who acquired Security First FS & La?
The FDIC record names First Union NB of FL as the acquiring institution in the resolution of Security First FS & La.
How big was Security First FS & La when it failed?
Security First FS & La had approximately $1.01B in total assets and $904.2M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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