GIBRALTAR S & L ASSOC. Failed 1989

What happened

GIBRALTAR S & L ASSOC. of ANNAPOLIS, MD was closed on 1989-03-02. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to ANNAPOLIS NB (ANNAPOLIS, MD). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

2168

FDIC Certificate

32450

FDIC FIN

7049

Bank name

GIBRALTAR S & L ASSOC.

Location

ANNAPOLIS, MD

Failure date

1989-03-02

FDIC resolution date

1990-06-08

Charter type

Savings bank

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$7M

Deposits at failure

$71M

Assets at failure

$72M

Acquiring bank

ANNAPOLIS NB (ANNAPOLIS, MD)