Bank Failure
The Permanent Savings Bank
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Closed July 13, 1990 · Niagara Falls, NY · FDIC Cert #22583.
- Closing date
- July 13, 1990
- Headquarters
- Niagara Falls, NY
- FDIC Certificate
- 22583
- Total assets at closing
- $330.0M
- Total deposits at closing
- $319.3M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Key Bank of Western New Yor
Context
On July 13, 1990, regulators closed The Permanent Savings Bank, headquartered in Niagara Falls, NY. At closing, the institution held approximately $330.0M in assets and $319.3M in deposits. The FDIC record names Key Bank of Western New Yor as the acquiring institution in the resolution.
By assets at closing this is the 520th largest of the 3,526 bank failures in the FDIC record, and the 68th of 381 in 1990. 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 Permanent Savings Bank fail?
The Permanent Savings Bank was closed by regulators on July 13, 1990.
Who acquired The Permanent Savings Bank?
The FDIC record names Key Bank of Western New Yor as the acquiring institution in the resolution of The Permanent Savings Bank.
How big was The Permanent Savings Bank when it failed?
The Permanent Savings Bank had approximately $330.0M in total assets and $319.3M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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