FIRST FED. S & LA OF COLORADO SPR. Failed 1989

What happened

FIRST FED. S & LA OF COLORADO SPR. of COLORADO SPRINGS, CO was closed on 1989-03-09. The FDIC was named receiver.

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

Deposits were transferred to WESTERN NB OF CO (COLORADO SPRINGS, CO). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

2183

FDIC Certificate

28819

FDIC FIN

7117

Bank name

FIRST FED. S & LA OF COLORADO SPR.

Location

COLORADO SPRINGS, CO

Failure date

1989-03-09

FDIC resolution date

1990-06-29

Charter type

SL

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$195M

Deposits at failure

$314M

Assets at failure

$355M

Acquiring bank

WESTERN NB OF CO (COLORADO SPRINGS, CO)