# FINANCIAL SECURITY S & L ASSOC.

> **Failed bank** · DELRAY BEACH, FL · failed 1989-03-16 · SL · FDIC cost $58M

## What happened

FINANCIAL SECURITY S & L ASSOC. of DELRAY BEACH, FL was closed by state regulators on **1989-03-16**. The FDIC was named receiver.

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

Deposits were transferred to **ESSEX SB, FSB** (DELRAY BEACH, FL). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 2272
- **FDIC Certificate:** 32630
- **FDIC FIN:** 7022
- **Bank name:** FINANCIAL SECURITY S & L ASSOC.
- **Location:** DELRAY BEACH, FL
- **Failure date:** 1989-03-16
- **FDIC resolution date:** 1990-05-25
- **Charter type:** SL
- **Resolution type:** Purchase & Assumption — acquiring bank assumed deposits + bought assets
- **Estimated FDIC DIF cost:** $58M
- **Deposits at failure:** $150M
- **Assets at failure:** $142M
- **Acquiring bank:** ESSEX SB, FSB (DELRAY BEACH, FL)
- **FDIC comments:** FSLIC-RTC Duplicate Failures

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=FINANCIAL%20SECURITY%20S%20%26%20L%20ASSOC.

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, FINANCIAL SECURITY S & L ASSOC. (FDIC ID 2272), failed 1989-03-16. Retrieved via AI Analytics 2026-05-18 from https://api.ai-analytics.org/failed-bank/2272.

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