Bank Failure
The Guardian Fed. S & L Assoc.
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Closed June 29, 1989 · Bakersfield, CA · FDIC Cert #32142.
- Closing date
- June 29, 1989
- Headquarters
- Bakersfield, CA
- FDIC Certificate
- 32142
- Total assets at closing
- $29.4M
- Total deposits at closing
- $28.6M
- Estimated loss to the insurance fund
- $11.7M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of America Ntsa
Context
On June 29, 1989, regulators closed The Guardian Fed. S & L Assoc., headquartered in Bakersfield, CA. At closing, the institution held approximately $29.4M in assets and $28.6M in deposits. The FDIC record names Bank of America Ntsa as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $11.7M.
By assets at closing this is the 2066th largest of the 3,526 bank failures in the FDIC record, and the 396th 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 Guardian Fed. S & L Assoc. fail?
The Guardian Fed. S & L Assoc. was closed by regulators on June 29, 1989.
Who acquired The Guardian Fed. S & L Assoc.?
The FDIC record names Bank of America Ntsa as the acquiring institution in the resolution of The Guardian Fed. S & L Assoc.
How big was The Guardian Fed. S & L Assoc. when it failed?
The Guardian Fed. S & L Assoc. had approximately $29.4M in total assets and $28.6M 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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