Bank Failure
Western Gulf Savings
Closed March 9, 1989 · Bay City, TX · FDIC Cert #31806.
- Closing date
- March 9, 1989
- Headquarters
- Bay City, TX
- FDIC Certificate
- 31806
- Total assets at closing
- $154.8M
- Total deposits at closing
- $243.0M
- Estimated loss to DIF
- $272.7M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Victoria B&TC
Context
On March 9, 1989, regulators closed Western Gulf Savings, headquartered in Bay City, TX. At closing, the institution held approximately $154.8M in assets and $243.0M in deposits. The FDIC arranged a resolution under which Victoria B&TC acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $272.7M.
By assets at closing this is the 918th largest of the 3,524 bank failures in the FDIC record, and the 161st 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 Western Gulf Savings fail?
Western Gulf Savings was closed by regulators on March 9, 1989.
Who acquired Western Gulf Savings?
Victoria B&TC acquired the failed bank's deposits and operations on March 9, 1989 under an FDIC-brokered resolution.
How big was Western Gulf Savings when it failed?
Western Gulf Savings had approximately $154.8M in total assets and $243.0M 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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