# FIRST FEDERAL SAVINGS BANK

> **Failed bank** · WATERLOO, IA · failed 1988-03-11 · Savings bank · FDIC cost $82M

## What happened

FIRST FEDERAL SAVINGS BANK of WATERLOO, IA was closed by state regulators on **1988-03-11**. The FDIC was named receiver.

**Resolution:** A/A

Deposits were transferred to **STATESMAN BANK FOR SVG FSB** (WATERLOO, IA). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 1645
- **FDIC Certificate:** 28766
- **FDIC FIN:** 1724
- **Bank name:** FIRST FEDERAL SAVINGS BANK
- **Location:** WATERLOO, IA
- **Failure date:** 1988-03-11
- **FDIC resolution date:** 1988-03-11
- **Charter type:** Savings bank
- **Resolution type:** A/A
- **Estimated FDIC DIF cost:** $82M
- **Deposits at failure:** $174M
- **Assets at failure:** $152M
- **Acquiring bank:** STATESMAN BANK FOR SVG FSB (WATERLOO, IA)

## Other banks STATESMAN BANK FOR SVG FSB has acquired in FDIC resolutions

- FIRST FEDERATED SAVINGS BANK (N. PALM BEACH, FL) — failed 1988-03-11 — /failed-bank/1649
- PEOPLES FS&LA (WATERLOO, IA) — failed 1988-03-11 — /failed-bank/1648
- PERPETUAL S&LA (WATERLOO, IA) — failed 1988-03-11 — /failed-bank/1647

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=FIRST%20FEDERAL%20SAVINGS%20BANK

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, FIRST FEDERAL SAVINGS BANK (FDIC ID 1645), failed 1988-03-11. Retrieved via AI Analytics 2026-05-18 from https://api.ai-analytics.org/failed-bank/1645.

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