Bank Failure
THE FEDERAL SB, FSB
Closed March 22, 1991 · SWAINSBORO, GA · FDIC Cert #30940.
- Closing date
- March 22, 1991
- Headquarters
- SWAINSBORO, GA
- FDIC Certificate
- 30940
- Total assets at closing
- $150,907,000
- Total deposits at closing
- $131,244,000
- Estimated loss to DIF
- $46,343,000
- Resolution type
- other
- Acquirer
- BRANCH SALE (FDIC Cert #2207)
Context
On March 22, 1991, regulators closed THE FEDERAL SB, FSB, headquartered in SWAINSBORO, GA. At closing, the institution held approximately $150,907,000 in assets and $131,244,000 in deposits. The FDIC arranged a resolution under which BRANCH SALE acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $46,343,000.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1991
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1991-12-20 | NORTH RIDGE BANK | OAKLAND PARK, FL | $94,332,000 |
| 1991-12-13 | INVESTORS FSB | RICHMOND, VA | $2,057,643,000 |
| 1991-12-13 | THE BANK MART | BRIDGEPORT, CT | $578,220,000 |
| 1991-12-13 | MERCHANTS NATIONAL BANK | LEOMINSTER, MA | $153,615,000 |
| 1991-12-13 | BANK OF EAST HARTFORD | EAST HARTFORD, CT | $36,581,000 |
| 1991-12-13 | FEDERAL FINANCE & MORTGAGE, LTD | HONOLULU, HI | $7,732,000 |
| 1991-12-12 | GRANITE CO-OPERATIVE BANK | QUINCY, MA | $103,814,000 |
| 1991-12-06 | SAYBROOK BANK AND TRUST COMPANY | OLD SAYBROOK, CT | $77,287,000 |
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