GREAT SOUTHERN FEDERAL SAVINGS Failed 1989

What happened

GREAT SOUTHERN FEDERAL SAVINGS of SAVANNAH, GA was closed on 1989-06-22. The FDIC was named receiver.

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

Deposits were transferred to FIRST WACHOVIA (ATLANTA, GA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

2395

FDIC Certificate

29507

FDIC FIN

7078

Bank name

GREAT SOUTHERN FEDERAL SAVINGS

Location

SAVANNAH, GA

Failure date

1989-06-22

FDIC resolution date

1990-06-22

Charter type

Savings bank

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$146M

Deposits at failure

$630M

Assets at failure

$880M

Acquiring bank

FIRST WACHOVIA (ATLANTA, GA)