Data / Bank failures / 1988 / Cardinal Savings Bank
Cardinal Savings Bank, Newport, NC: failed May 13, 1988
Cardinal Savings Bank in Newport, North Carolina, failed on May 13, 1988. It held $93.9 million in assets and $92.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $27.5 million (29.3% of its assets). By assets it was the 194th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- May 13, 1988
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Total assets
- $93,936,000
- Total deposits
- $92,849,000
- Estimated cost to the FDIC
- $27,518,910 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 32463
Other bank failures in North Carolina, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First Federal Savings | Raleigh | December 7, 1990 | $520.4 million | $427.5 million | $55.7 million | |
| Southeastern Savings Bank | Charlotte | November 16, 1990 | $422.3 million | $367.6 million | $23.6 million | |
| Guaranty Savings Bank FSB | Fayetteville | July 27, 1990 | $53.9 million | $49.9 million | $8.5 million | |
| North Carolina FS & La | Charlotte | March 2, 1990 | $628.1 million | $455 million | $41.8 million | First Citizens B&TC |
| Great Atlantic Savings Bank | Manteo | March 30, 1989 | $126.8 million | $123.8 million | $48.3 million | NCNB NB of NC |
| Heritage FS & La | Monroe | March 30, 1989 | $311.7 million | $254.1 million | $49.2 million | First Citizens B&TC |
| Surety FS&LA (assistance) | Morganton | December 11, 1987 | $124.9 million | $111.5 million | Surety FS&LA Fsa |
All bank failures in 1988 · All bank failures in North Carolina · 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.