Southern Federal SB

Context

On January 19, 1989, regulators closed Southern Federal SB, headquartered in Thomasville, GA. At closing, the institution held approximately $76.6M in assets and $68.5M in deposits. The FDIC resolved the institution without a single-acquirer transaction. The estimated cost to the FDIC Deposit Insurance Fund was approximately $16.7M.

By assets at closing this is the 1364th largest of the 3,524 bank failures in the FDIC record, and the 253rd 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.