Bank Failure
Sooner Federal Savings Assoc.
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Closed November 16, 1989 · Tulsa, OK · FDIC Cert #28649.
- Closing date
- November 16, 1989
- Headquarters
- Tulsa, OK
- FDIC Certificate
- 28649
- Total assets at closing
- $1.53B
- Total deposits at closing
- $1.15B
- Estimated loss to the insurance fund
- $152.8M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Gibraltar Bank, FSB
Context
On November 16, 1989, regulators closed Sooner Federal Savings Assoc., headquartered in Tulsa, OK. At closing, the institution held approximately $1.53B in assets and $1.15B in deposits. The FDIC record names First Gibraltar Bank, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $152.8M.
By assets at closing this is the 149th largest of the 3,526 bank failures in the FDIC record, and the 24th 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 Sooner Federal Savings Assoc. fail?
Sooner Federal Savings Assoc. was closed by regulators on November 16, 1989.
Who acquired Sooner Federal Savings Assoc.?
The FDIC record names First Gibraltar Bank, FSB as the acquiring institution in the resolution of Sooner Federal Savings Assoc.
How big was Sooner Federal Savings Assoc. when it failed?
Sooner Federal Savings Assoc. had approximately $1.53B in total assets and $1.15B 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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