Calendar Year
1989 in US Banking
1,629 bank events are on record for 1989: 530 failures, 971 mergers or acquisitions involving a bank, credit union or bank holding company, and 124 enforcement actions.
530
Failures
$163.86B in failed assets
971
Mergers
Federal Reserve NIC, banking organizations
124
Enforcement
OCC, FDIC, FRB, OTS and SEC 8-K filings
4
Assistance
FDIC open-bank assistance
Jump to: Bank failures 1989 · Bank mergers 1989
How many banks failed in 1989?
530 banks failed in 1989, with $163.86B in assets. Each failure below links to its own page.
| Date | Bank | Assets |
|---|---|---|
| Feb 10, 1989 | Savers FS & La | $806.0M |
| Feb 10, 1989 | Sandia FS & La | $747.1M |
| Feb 10, 1989 | Deseret S & L Assoc. | $159.3M |
| Feb 10, 1989 | Signal S&LA | $46.1M |
| Feb 9, 1989 | First Bank & Trust | $148.1M |
| Feb 9, 1989 | Citizens Bank | $100.1M |
| Feb 9, 1989 | Citizens Bank Houston | $40.2M |
| Feb 7, 1989 | Baltimore Federal Financial | $1.57B |
| Feb 7, 1989 | Freedom S & La | $1.40B |
| Feb 7, 1989 | Gill Sa | $1.21B |
| Feb 7, 1989 | Pacific Savings Bank | $1.12B |
| Feb 3, 1989 | Alaska Statebank | $90.8M |
| Jan 27, 1989 | Carver S&LA | $265.8M |
| Jan 27, 1989 | Oakwood National Bank | $23.0M |
| Jan 27, 1989 | First FS&LA in New Albany | $20.8M |
| Jan 26, 1989 | First State Bank of Texas | $16.3M |
| Jan 26, 1989 | Citizens State Bank | $15.6M |
| Jan 26, 1989 | Community Bank, N.A. | $8.6M |
| Jan 19, 1989 | Merchants State Bank | $122.0M |
| Jan 19, 1989 | Southern Federal SB | $76.6M |
| Jan 19, 1989 | The Planters Bank & Trust Company | $57.3M |
| Jan 19, 1989 | First National Bank of Cedar Park | $18.6M |
| Jan 12, 1989 | The National Bank of Bossier City | $73.3M |
| Jan 12, 1989 | Commercial State Bank | $49.2M |
| Jan 12, 1989 | West Belt National Bank | $26.1M |
| Jan 12, 1989 | Orleans Bank and Trust Company | $24.9M |
| Jan 12, 1989 | Oak Hill National Bank | $18.2M |
| Jan 12, 1989 | Rolling Hills State Bank | $13.2M |
| Jan 12, 1989 | First State Bank | $10.5M |
| Jan 5, 1989 | Bank of Benton | $12.2M |
Which banks merged in 1989?
971 mergers or acquisitions involving a bank, credit union or bank holding company are on record for 1989.
See the fuller list: Bank mergers 1989 with largest deals and credit union mergers ›
| Date | Acquired | Acquirer |
|---|---|---|
| Sep 23, 1989 | Bank of Pleasanton | The Farmers State Bank of Blue Mound |
| Sep 20, 1989 | Winter Garden Credit Union | Gulf Coast Federal Credit Union |
| Sep 16, 1989 | Marquette Bank University, National Association | Marquette Bank Minneapolis, National Association |
| Sep 16, 1989 | First Bank Cottage Grove National Association | U.S. Bank National Association |
| Sep 16, 1989 | Marquette Bank Columbia Heights | Marquette Bank Minneapolis, National Association |
| Sep 16, 1989 | First Bank and Trust Company | Wachovia Bank of Georgia, National Association |
| Sep 16, 1989 | Marquette Bank Lake | Marquette Bank Minneapolis, National Association |
| Sep 15, 1989 | Southern California Free Methodist Credit Union | Adelfi Credit Union |
| Sep 15, 1989 | Bank of Long Island | The Bank of New York Mellon |
| Sep 15, 1989 | Bridgeport Progressive Federal Credit Union | McKesson Federal Credit Union |
| Sep 13, 1989 | Lion Wilkes Barre Federal Credit Union | Choice One Community Federal Credit Union |
| Sep 11, 1989 | First Federal Savings and Loan Association of Montclair | Penn Federal Savings Bank |
| Sep 9, 1989 | Society Bank of Eastern Ohio, National Association | KeyBank N.A. |
| Sep 9, 1989 | Saint Gregory Federal Credit Union | Abnb Federal Credit Union |
| Sep 9, 1989 | Mercantile Bancorp, Inc. | First Fidelity Bancorp, Inc. |
| Sep 9, 1989 | Touro Employees Federal Credit Union | Onpath Federal Credit Union |
| Sep 9, 1989 | Mercantile Bank, N.A. | First Fidelity Bank |
| Sep 4, 1989 | Magna Bank of Freeburg | Magna Bank, National Association |
| Sep 3, 1989 | Magna Bank of Mascoutah | Magna Bank, National Association |
| Sep 3, 1989 | Magna Bank of Marissa | Magna Bank, National Association |
| Sep 2, 1989 | Eastex Bancshares, Inc. | Ubank Holdings, Inc. |
| Sep 1, 1989 | Wabash General Hospital Federal Credit Union | Louisville Medical Center Federal Credit Union |
| Sep 1, 1989 | Plateau Cu | Upper Cumberland Federal Credit Union |
| Sep 1, 1989 | FN Bancorp | Fort Wayne National Corporation |
| Sep 1, 1989 | St. Joseph Bancorp, Inc. | First Busey Corporation |
| Sep 1, 1989 | Consolidated Banc Shares | CB&T Financial Corp |
| Sep 1, 1989 | Exchange Holding, Inc. | Fourth Financial Corporation |
| Sep 1, 1989 | American Heritage Bancshares, Inc. | Manufacturers National Corporation |
| Sep 1, 1989 | Arcom Credit Union | Sherwin Williams Employees Credit Union |
| Sep 1, 1989 | The Lowndes Bank | Community Bank & Trust |
| Sep 1, 1989 | The Mountain National Bank of Clifton Forge | Crestar Bank |
| Sep 1, 1989 | Saint Gregory the Great Parish Credit Union | Saints Margaret & Gregory Federal Credit Union |
| Sep 1, 1989 | Scarsdale National Bank and Trust Company | The Bank of New York Mellon |
| Sep 1, 1989 | Texas National Guard Credit Union | United Heritage Credit Union |
| Sep 1, 1989 | Hayward Regional Federal Credit Union | Waypoint Federal Credit Union |
| Sep 1, 1989 | (unnamed) | Boatmen's National Bank of Cape Girardeau |
| Sep 1, 1989 | First of America Bank - Ludington, National Association | First of America Bank-Muskegon |
| Sep 1, 1989 | Valley National Bank | The Midway National Bank of St. Paul |
| Sep 1, 1989 | Galveston News Employee Federal Credit Union | Primeway Federal Credit Union |
| Sep 1, 1989 | J.H.S. Employees Credit Union | Resource Federal Credit Union |
| Sep 1, 1989 | Digital Communications Corporation Employees Federal Credit Union | Kinecta Federal Credit Union |
| Sep 1, 1989 | Heylpat Federal Credit Union | Tri-Valley Services Federal Credit Union |
| Sep 1, 1989 | First Federal Savings and Loan Association | Magnolia Federal Bank for Savings |
| Sep 1, 1989 | Newman-Crosby Employees Credit Union | COASTAL1 Credit Union |
| Sep 1, 1989 | (unnamed) | First Interstate Bank of California |
| Aug 31, 1989 | Saint Cyril and Saint Francis Xaviers Parishes Federal Credit Union | Little Giant Federal Credit Union |
| Aug 29, 1989 | CBI Insurance Services Inc | Valley Bank |
| Aug 29, 1989 | Midamerican Corporation | Midamerican Corporation |
| Aug 29, 1989 | (unnamed) | The Seymour National Bank |
| Aug 28, 1989 | The First National Bank of Ripley | United Bank |
The list holds 500 of the 971 mergers recorded for 1989.
Enforcement Actions in 1989
| Action date | Agency | Institution | Action |
|---|---|---|---|
| Sep 7, 1989 | OCC | The First National Bank of Kiester | Civil Money Penalty (CMP): Lorenz, Forest |
| Sep 5, 1989 | OCC | Citizens First Trust Company, LLC | Civil Money Penalty (CMP): Padgett, James L. |
| Aug 30, 1989 | OCC | First Bank N.A. | Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): First Bank National Association |
| Aug 23, 1989 | OCC_OTS | First Commerce Savings Bank, FSB | Supervisory Agreement: First Commerce Bank, A Federal Savings Bank |
| Aug 22, 1989 | OCC | Bergen Park National Bank | Civil Money Penalty (CMP): Kinney, Gregg A. |
| Aug 22, 1989 | OCC | Bergen Park National Bank | Civil Money Penalty (CMP): Lamphier, Mark A. |
| Aug 8, 1989 | OCC_OTS | Brookside Federal Savings and Loan Association | Orders of Removal/Prohibition: Michael S. Moers |
| Aug 8, 1989 | OCC_OTS | Cross Roads Savings and Loan Association, F.A. | Orders of Removal/Prohibition: Gary B. Hobbs |
| Aug 8, 1989 | OCC_OTS | Padre Federal Savings & Loan Association | Orders of Removal/Prohibition: Clemente Garcia, Jr. |
| Aug 8, 1989 | OCC_OTS | River City FSB | Orders of Removal/Prohibition: J. Edward Revel, Jr. |
| Aug 4, 1989 | OCC_OTS | First Federal Savings and Loan of Central Indiana | Supervisory Agreement: First Savings and Loan Association of Central Indiana |
| Jun 22, 1989 | OCC_OTS | (individual) | Supervisory Agreement: Peoples Savings and Loan Association of Brookville |
| Jun 20, 1989 | OCC | First National Bank of Pickens County | Civil Money Penalty (CMP): Bailey, James K. |
| Jun 20, 1989 | OCC | The Rushville National Bank | Civil Money Penalty (CMP): Hedrick, Donald E. |
| Jun 2, 1989 | OCC_OTS | Southeastern Federal Savings Bank | Supervisory Agreement: Southeastern Savings Bank, Inc. |
| May 18, 1989 | OCC_OTS | Great West, a Federal Savings Bank | Supervisory Agreement: Great West Savings Bank, F.S.B. |
| Apr 20, 1989 | OCC_OTS | Home Federal Savings and Loan Association of Harlan | Supervisory Agreement: Home Federal Savings and Loan Association of Harlan |
| Apr 18, 1989 | OCC_OTS | (individual) | Supervisory Agreement: Home Savings Association of Kansas City, F.A. |
| Apr 6, 1989 | OCC_OTS | The Garnett Savings and Loan Association | Supervisory Agreement: The Garnett Savings and Loan Association |
| Mar 15, 1989 | OCC_OTS | SJS Bancorp, Inc. | Supervisory Agreement: SJS Federal Savings Bank |
| Mar 15, 1989 | OCC_OTS | Newport Savings and Loan Association | Supervisory Agreement: Newport Savings and Loan Association |
| Jan 23, 1989 | OCC_OTS | American Charter Federal Savings and Loan Association | Supervisory Agreement: Charter Federal Savings and Loan Association |
| Jan 20, 1989 | OCC_OTS | First Federal Savings Association of Chickasha | Supervisory Agreement: First Federal Savings and Loan Association of Chickasha |
| Jan 13, 1989 | OCC_OTS | (individual) | Supervisory Agreement: Mid Kansas Federal Savings and Loan Association |
FDIC Open-Bank Assistance in 1989
| Date | Institution | Assets |
|---|---|---|
| Apr 13, 1989 | Tropical FS&LA | $55.0M |
| Mar 30, 1989 | Cartersville FSB of Georgia | $56.7M |
| Feb 3, 1989 | Cook County FS&LA | $164.0M |
| Jan 31, 1989 | Metropolitan National Bank | $4.4M |
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