Bank Failure
United FSB
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Closed August 30, 1991 · Prestonsburg, KY · FDIC Cert #30961.
- Closing date
- August 30, 1991
- Headquarters
- Prestonsburg, KY
- FDIC Certificate
- 30961
- Total assets at closing
- $39.9M
- Total deposits at closing
- $39.3M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $0 is not consistent with a failure of this size)
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Pikeville NB&TC
Context
On August 30, 1991, regulators closed United FSB, headquartered in Prestonsburg, KY. At closing, the institution held approximately $39.9M in assets and $39.3M in deposits. The FDIC record names Pikeville NB&TC as the acquiring institution in the resolution.
By assets at closing this is the 1814th largest of the 3,526 bank failures in the FDIC record, and the 187th 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 United FSB fail?
United FSB was closed by regulators on August 30, 1991.
Who acquired United FSB?
The FDIC record names Pikeville NB&TC as the acquiring institution in the resolution of United FSB.
How big was United FSB when it failed?
United FSB had approximately $39.9M in total assets and $39.3M 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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