CORNERSTONE FEDERAL SAVINGS Failed 1989
What happened
CORNERSTONE FEDERAL SAVINGS of HOUSTON, TX was closed on 1989-07-13. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to GREAT SOUTHWEST SAVINGS, FA (HOUSTON, TX). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 2415
- FDIC Certificate
- 32398
- FDIC FIN
- 7017
- Bank name
- CORNERSTONE FEDERAL SAVINGS
- Location
- HOUSTON, TX
- Failure date
- 1989-07-13
- FDIC resolution date
- 1990-05-18
- Charter type
- SL
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $27M
- Deposits at failure
- $110M
- Assets at failure
- $112M
- Acquiring bank
- GREAT SOUTHWEST SAVINGS, FA (HOUSTON, TX)