The Graveyard › Banks › 1989

First Fed. S & L Association

Summerville · failed March 9, 1989 · FDIC certificate 30902

First Fed. S & L Association of Summerville failed on March 9, 1989. It opened on October 2, 1956, 32 years before. At its last report before that it held $32.8 million in assets and $35.4 million in deposits. At its largest in the FDIC's quarterly reports, on March 31, 1986, it held $38.5 million. The FDIC estimates that the Resolution Trust Corporation lost $5.2 million on it.

1984-031988-12

Assets at the end$32.8 millionlast report before March 9, 1989

Deposits at the end$35.4 million

Estimated loss to the fund$5.2 millionRTC

Largest in the quarterly reports$38.5 millionMarch 31, 1986

Equity to assets-14.7%December 31, 1988

Loans not being repaid7.9%noncurrent, December 31, 1988

Return on assets-4.29%a year's rate, December 31, 1988

On the FDIC's list: FIRST FED. S & L ASSOC..

Take today's blind test

Also ended in 1989

Gibraltar Savings, FA · Simi Valley, CA · $13.4 billion in assets
City Savings, FSB · Somerset, NJ · $9.8 billion in assets
MBank Dallas, National Association · Dallas, TX · $6.6 billion in assets
Western Savings & Loan · Phoenix, AZ · $5.7 billion in assets
Lincoln Savings & Loan · Irvine, CA · $4.9 billion in assets
University Federal Savings · Houston, TX · $4.5 billion in assets

History, not advice.

Source: Federal Deposit Insurance Corporation, BankFind Suite API. Source values and institutional identifiers are retained; formatting and normalization by Underfolio. No FDIC endorsement is implied. How these numbers are made · Report a data issue.