Bank Failure
U.S. Savings Bank of America
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Closed July 27, 1990 · Seabrook, NH · FDIC Cert #25229.
- Closing date
- July 27, 1990
- Headquarters
- Seabrook, NH
- FDIC Certificate
- 25229
- Total assets at closing
- $12.4M
- Total deposits at closing
- $12.1M
- Estimated loss to the insurance fund
- $1.5M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Family Savings Bank of New
Context
On July 27, 1990, regulators closed U.S. Savings Bank of America, headquartered in Seabrook, NH. At closing, the institution held approximately $12.4M in assets and $12.1M in deposits. The FDIC record names Family Savings Bank of New as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $1.5M.
By assets at closing this is the 2662nd largest of the 3,526 bank failures in the FDIC record, and the 354th 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 U.S. Savings Bank of America fail?
U.S. Savings Bank of America was closed by regulators on July 27, 1990.
Who acquired U.S. Savings Bank of America?
The FDIC record names Family Savings Bank of New as the acquiring institution in the resolution of U.S. Savings Bank of America.
How big was U.S. Savings Bank of America when it failed?
U.S. Savings Bank of America had approximately $12.4M in total assets and $12.1M 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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