Bank Failure
Silver Savings Assoc.
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Closed December 21, 1989 · Silver City, NM · FDIC Cert #31911.
- Closing date
- December 21, 1989
- Headquarters
- Silver City, NM
- FDIC Certificate
- 31911
- Total assets at closing
- $32.2M
- Total deposits at closing
- $27.7M
- Estimated loss to the insurance fund
- $7.3M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First New Mexico Bank
Context
On December 21, 1989, regulators closed Silver Savings Assoc., headquartered in Silver City, NM. At closing, the institution held approximately $32.2M in assets and $27.7M in deposits. The FDIC record names First New Mexico Bank as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $7.3M.
By assets at closing this is the 1992nd largest of the 3,526 bank failures in the FDIC record, and the 382nd 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 Silver Savings Assoc. fail?
Silver Savings Assoc. was closed by regulators on December 21, 1989.
Who acquired Silver Savings Assoc.?
The FDIC record names First New Mexico Bank as the acquiring institution in the resolution of Silver Savings Assoc.
How big was Silver Savings Assoc. when it failed?
Silver Savings Assoc. had approximately $32.2M in total assets and $27.7M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| 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 |
| Dec 14, 1989 | Canyon Lake Bank | $31.0M |
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