Bank Failure
Southern FS
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Closed December 28, 1990 · New Orleans, LA · FDIC Cert #28287.
- Closing date
- December 28, 1990
- Headquarters
- New Orleans, LA
- FDIC Certificate
- 28287
- Total assets at closing
- $230.8M
- Total deposits at closing
- $230.0M
- Estimated loss to the insurance fund
- $7.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On December 28, 1990, regulators closed Southern FS, headquartered in New Orleans, LA. At closing, the institution held approximately $230.8M in assets and $230.0M in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $7.0M.
By assets at closing this is the 681st largest of the 3,526 bank failures in the FDIC record, and the 90th of 381 in 1990. 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 Southern FS fail?
Southern FS was closed by regulators on December 28, 1990.
How big was Southern FS when it failed?
Southern FS had approximately $230.8M in total assets and $230.0M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
| Dec 14, 1990 | Olympic Federal Savings | $1.05B |
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