Bank Failure
Sun State Savings & Loan
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Closed June 14, 1989 · Phoenix, AZ · FDIC Cert #31997.
- Closing date
- June 14, 1989
- Headquarters
- Phoenix, AZ
- FDIC Certificate
- 31997
- Total assets at closing
- $1.05B
- Total deposits at closing
- $892.9M
- Estimated loss to the insurance fund
- $443.6M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of America, Az
Context
On June 14, 1989, regulators closed Sun State Savings & Loan, headquartered in Phoenix, AZ. At closing, the institution held approximately $1.05B in assets and $892.9M in deposits. The FDIC record names Bank of America, Az as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $443.6M.
By assets at closing this is the 199th largest of the 3,526 bank failures in the FDIC record, and the 30th 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 Sun State Savings & Loan fail?
Sun State Savings & Loan was closed by regulators on June 14, 1989.
Who acquired Sun State Savings & Loan?
The FDIC record names Bank of America, Az as the acquiring institution in the resolution of Sun State Savings & Loan.
How big was Sun State Savings & Loan when it failed?
Sun State Savings & Loan had approximately $1.05B in total assets and $892.9M 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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