Bank Failure
The First, Federal Association
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Closed October 11, 1991 · Orlando, FL · FDIC Cert #28763.
- Closing date
- October 11, 1991
- Headquarters
- Orlando, FL
- FDIC Certificate
- 28763
- Total assets at closing
- $1.07B
- Total deposits at closing
- $960.8M
- Estimated loss to the insurance fund
- $148.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Great Western Bank, FSB
Context
On October 11, 1991, regulators closed The First, Federal Association, headquartered in Orlando, FL. At closing, the institution held approximately $1.07B in assets and $960.8M in deposits. The FDIC record names Great Western Bank, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $148.0M.
By assets at closing this is the 196th largest of the 3,526 bank failures in the FDIC record, and the 30th of 268 in 1991. 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 The First, Federal Association fail?
The First, Federal Association was closed by regulators on October 11, 1991.
Who acquired The First, Federal Association?
The FDIC record names Great Western Bank, FSB as the acquiring institution in the resolution of The First, Federal Association.
How big was The First, Federal Association when it failed?
The First, Federal Association had approximately $1.07B in total assets and $960.8M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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