Bank Failure
The Garnett S & L Assoc.
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Closed December 7, 1989 · Garnett, KS · FDIC Cert #29516.
- Closing date
- December 7, 1989
- Headquarters
- Garnett, KS
- FDIC Certificate
- 29516
- Total assets at closing
- $13.6M
- Total deposits at closing
- $14.5M
- Estimated loss to the insurance fund
- $794K
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Farmers State Bank
Context
On December 7, 1989, regulators closed The Garnett S & L Assoc., headquartered in Garnett, KS. At closing, the institution held approximately $13.6M in assets and $14.5M in deposits. The FDIC record names Farmers State Bank as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $794K.
By assets at closing this is the 2602nd largest of the 3,526 bank failures in the FDIC record, and the 474th 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 The Garnett S & L Assoc. fail?
The Garnett S & L Assoc. was closed by regulators on December 7, 1989.
Who acquired The Garnett S & L Assoc.?
The FDIC record names Farmers State Bank as the acquiring institution in the resolution of The Garnett S & L Assoc.
How big was The Garnett S & L Assoc. when it failed?
The Garnett S & L Assoc. had approximately $13.6M in total assets and $14.5M 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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