# GREAT SOUTHERN FEDERAL SAVINGS

> **Failed bank** · SAVANNAH, GA · failed 1989-06-22 · Savings bank · FDIC cost $146M

## What happened

GREAT SOUTHERN FEDERAL SAVINGS of SAVANNAH, GA was closed by state regulators 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
- **Estimated FDIC DIF cost:** $146M
- **Deposits at failure:** $630M
- **Assets at failure:** $880M
- **Acquiring bank:** FIRST WACHOVIA (ATLANTA, GA)

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=GREAT%20SOUTHERN%20FEDERAL%20SAVINGS

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, GREAT SOUTHERN FEDERAL SAVINGS (FDIC ID 2395), failed 1989-06-22. Retrieved via AI Analytics 2026-07-13 from https://api.ai-analytics.org/failed-bank/2395.

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