GEM CITY FS & LA Failed 1990
What happened
GEM CITY FS & LA of QUINCY, IL was closed on 1990-01-18. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to BRANCH SALE (NONE, NA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 2617
- FDIC Certificate
- 28830
- FDIC FIN
- 7162
- Bank name
- GEM CITY FS & LA
- Location
- QUINCY, IL
- Failure date
- 1990-01-18
- FDIC resolution date
- 1990-09-07
- Charter type
- SL
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $12M
- Deposits at failure
- $233M
- Assets at failure
- $290M
- Acquiring bank
- BRANCH SALE (NONE, NA)
Other banks BRANCH SALE acquired in FDIC resolutions
- WESTERN FSB (MARINA DEL RAY, CA) — failed 1993-06-04
- PIONEER FS & LA (PRAIRIE VILLAGE, KS) — failed 1993-04-02
- SECOND NATIONAL, FSB (SALISBURY, MD) — failed 1992-12-04
- CARTERET FSB (MADISON, NJ) — failed 1992-12-04
- POLIFLY FS & LA (NEW MILFORD, NJ) — failed 1992-11-20
- IRVING FB FOR SAVINGS (CHICAGO, IL) — failed 1992-11-20
- FIRST FSB OF GEORGIA, FA (WINDER, GA) — failed 1992-11-06
- HOMESTEAD FSA (SAN FRANCISCO, CA) — failed 1992-10-30
- STANDARD FSB (GAITHERSBURG, MD) — failed 1992-10-21
- SECURITY FS & LA (JACKSON, MS) — failed 1992-10-16