Bank Failure
Ultimate Savings Bank
Closed September 16, 1988 · Richmond, VA · FDIC Cert #32072.
- Closing date
- September 16, 1988
- Headquarters
- Richmond, VA
- FDIC Certificate
- 32072
- Total assets at closing
- $206.5M
- Total deposits at closing
- $194.3M
- Estimated loss to DIF
- $34.9M
- Resolution
- Failure (closed by regulators)
Context
On September 16, 1988, regulators closed Ultimate Savings Bank, headquartered in Richmond, VA. At closing, the institution held approximately $206.5M in assets and $194.3M in deposits. The FDIC resolved the institution without a single-acquirer transaction. The estimated cost to the FDIC Deposit Insurance Fund was approximately $34.9M.
By assets at closing this is the 761st largest of the 3,526 bank failures in the FDIC record, and the 33rd of 232 in 1988. 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 Ultimate Savings Bank fail?
Ultimate Savings Bank was closed by regulators on September 16, 1988.
How big was Ultimate Savings Bank when it failed?
Ultimate Savings Bank had approximately $206.5M in total assets and $194.3M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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