Bank Failure
STATE MUTUAL FED. S & L ASSOC.
Closed April 6, 1989 · JACKSON , MS · FDIC Cert #31252 .
- Closing date
- April 6, 1989
- Headquarters
- JACKSON , MS
- FDIC Certificate
- 31252
- Total assets at closing
- $8.7M
- Total deposits at closing
- $9.8M
- Estimated loss to DIF
- $4.0M
- Resolution type
- other
- Acquirer
- FIRST COMMERCE SB (FDIC Cert #6994)
Context
On April 6, 1989, regulators closed STATE MUTUAL FED. S & L ASSOC. , headquartered in JACKSON , MS . At closing, the institution held approximately $8.7M in assets and $9.8M in deposits . The FDIC arranged a resolution under which FIRST COMMERCE SB acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $4.0M.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1989
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1989-12-21 | COLUMBIA FSA | NASSAU BAY , TX | $77.1M |
| 1989-12-21 | SILVER SAVINGS ASSOC. | SILVER CITY , NM | $32.2M |
| 1989-12-20 | FIRST CITY NATIONAL BANK AND TRUST | NEW YORK , NY | $39.5M |
| 1989-12-20 | UNITED COMMUNITY BANK | WESTLAKE VILLAGE , CA | $32.3M |
| 1989-12-15 | FIRST AMERICAN BANK AND TRUST | NORTH PALM BEACH , FL | $1.38B |
| 1989-12-14 | YORKRIDGE-CALVERT FEDERAL SAVINGS | BALTIMORE , MD | $585.8M |
| 1989-12-14 | LOUISIANA SAVINGS ASSN. | LAKE CHARLES , LA | $449.3M |
| 1989-12-14 | FIRST ACADIANA BANK | EUNICE , LA | $46.8M |
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