Data / Bank failures / 1989 / Atlantic Permanent Federal
Atlantic Permanent Federal, Norfolk, VA: failed December 8, 1989
Atlantic Permanent Federal in Norfolk, Virginia, failed on December 8, 1989. It held $581 million in assets and $370.6 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $79.9 million (13.8% of its assets). By assets it was the 60th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- December 8, 1989
- Type
- Failure
- How it was resolved
- Payout: the FDIC paid insured depositors directly
- Acquirer
- None, NA
- Total assets
- $581,043,000
- Total deposits
- $370,596,000
- Estimated cost to the FDIC
- $79,906,705 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 28223
Other bank failures in Virginia, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Investors FSB | Richmond | December 13, 1991 | $2.06 billion | $1.43 billion | $470.7 million | Central Fidelity Bank |
| First Security Bank | Roanoke | May 24, 1991 | $15.9 million | $15 million | $4.5 million | First Century Bank |
| Madison National Bank of Virginia | McLean | May 10, 1991 | $174.2 million | $159.4 million | $18.2 million | Signet Bank - Virginia |
| Sentry Fsa | Norfolk | May 3, 1991 | $50.3 million | $47.2 million | $12.3 million | |
| Coreast FSB | Richmond | February 1, 1991 | $1.21 billion | $993.2 million | $210.8 million | |
| Trustbank FSB | Tysons Corner | January 25, 1991 | $1.82 billion | $1.51 billion | $172.8 million | |
| Heritage Savings Bank, FSB | Richmond | October 19, 1990 | $888.8 million | $726.2 million | $124.2 million | CRFC Interim SB (crestar Ba |
| United FSB | Vienna | July 31, 1990 | $415.6 million | $352.7 million | $134.5 million | Crestar Bank |
All bank failures in 1989 · All bank failures in Virginia · 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.