# COMMUNITY FED. S & L ASSOC.

> **Failed bank** · NEWPORT NEWS, VA · failed 1989-03-30 · SL · FDIC cost $1M

## What happened

COMMUNITY FED. S & L ASSOC. of NEWPORT NEWS, VA was closed by state regulators on **1989-03-30**. The FDIC was named receiver.

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

Deposits were transferred to **CONSOLIDATED B&TC** (RICHMOND, VA). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 2305
- **FDIC Certificate:** 31884
- **FDIC FIN:** 7007
- **Bank name:** COMMUNITY FED. S & L ASSOC.
- **Location:** NEWPORT NEWS, VA
- **Failure date:** 1989-03-30
- **FDIC resolution date:** 1990-05-18
- **Charter type:** SL
- **Resolution type:** Purchase & Assumption — acquiring bank assumed deposits + bought assets
- **Estimated FDIC DIF cost:** $1M
- **Deposits at failure:** $10M
- **Assets at failure:** $9M
- **Acquiring bank:** CONSOLIDATED B&TC (RICHMOND, VA)

## Other banks CONSOLIDATED B&TC has acquired in FDIC resolutions

- PEOPLES S & L ASSOC. (HAMPTON, VA) — failed 1989-06-29 — /failed-bank/2400

## Primary source

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

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, COMMUNITY FED. S & L ASSOC. (FDIC ID 2305), failed 1989-03-30. Retrieved via AI Analytics 2026-06-30 from https://api.ai-analytics.org/failed-bank/2305.

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