FIRST SAVINGS BANK OF ALABAMA Failed 1989

What happened

FIRST SAVINGS BANK OF ALABAMA of HAMILTON, AL was closed on 1989-03-09. The FDIC was named receiver.

Resolution: Insured Deposit Transfer — insured deposits transferred to another bank

Deposits were transferred to SOUTHTRUST BANK OF MARION C (HAMILTON, AL). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

2198

FDIC Certificate

31342

FDIC FIN

6942

Bank name

FIRST SAVINGS BANK OF ALABAMA

Location

HAMILTON, AL

Failure date

1989-03-09

FDIC resolution date

1989-12-15

Charter type

Savings bank

Resolution type

Insured Deposit Transfer — insured deposits transferred to another bank

FDIC DIF cost (est.)

$2M

Deposits at failure

$24M

Assets at failure

$26M

Acquiring bank

SOUTHTRUST BANK OF MARION C (HAMILTON, AL)