Data / Bank failures / 1989 / American FS & La
American FS & La, Albuquerque, NM: failed March 9, 1989
American FS & La in Albuquerque, New Mexico, failed on March 9, 1989. First NB in Albuquerque of Albuquerque, NM, took over its deposits. It held $188.9 million in assets and $151.1 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $52.9 million (28% of its assets). By assets it was the 136th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 9, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First NB in Albuquerque, Albuquerque, NM
- Total assets
- $188,882,000
- Total deposits
- $151,090,000
- Estimated cost to the FDIC
- $52,895,878 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 31290
Other bank failures in New Mexico, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Liberty National Bank | Lovington | May 23, 1991 | $51.4 million | $51.6 million | $3.9 million | Western Commerce Bank |
| Security FS & La of Albuquerque | Albuquerque | May 3, 1991 | $261.7 million | $193.4 million | $29.4 million | |
| Southwest National Bank | Albuquerque | February 21, 1991 | $37.2 million | $36.5 million | $4.7 million | The Bank of New Mexico, SPR |
| American Bank, National Association | Rio Rancho | January 22, 1991 | $20.7 million | $23.3 million | $10.9 million | United New Mexico Bank at A |
| First Federal Savings Assoc. | Las Vegas | November 16, 1990 | $55.4 million | $41.4 million | $14.4 million | Bank of NM, & Las Vegas |
| First American Savings Bank, FSB | Santa Fe | August 31, 1990 | $123.6 million | $108.9 million | $57.4 million | |
| Security Federal Savings Bank | Carlsbad | May 4, 1990 | $26.9 million | $34.2 million | $15.5 million | Western Commerce Bank |
| The Red River Bank | Red River | February 23, 1990 | $6.5 million | $6.6 million | $2.1 million | Centinel Bank of Taos |
Other failed banks First NB in Albuquerque took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| New Mexico Fsa | Albuquerque | NM | July 20, 1989 | $240.7 million | $194 million | $48.2 million | First NB in Albuquerque |
All bank failures in 1989 · All bank failures in New Mexico · Every failed bank First NB in Albuquerque took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.