Data / Bank failures / 1989 / City FS & La
City FS & La, Birmingham, AL: failed March 30, 1989
City FS & La in Birmingham, Alabama, failed on March 30, 1989. First Alabama Bank of Montgomery, AL, took over its deposits. It held $712 million in assets and $648.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $53.3 million (7.5% of its assets). By assets it was the 51st largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 30, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Alabama Bank, Montgomery, AL
- Total assets
- $711,958,000
- Total deposits
- $648,197,000
- Estimated cost to the FDIC
- $53,289,113 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 30202
Other bank failures in Alabama, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Altus FSB | Mobile | May 17, 1991 | $1.97 billion | $1.15 billion | $71.2 million | |
| Jefferson Federal Sa | Birmingham | March 8, 1991 | $666.5 million | $488.7 million | $17.5 million | |
| First FS & La of Andalusia | Andalusia | December 28, 1990 | $38.7 million | $37.7 million | $6.3 million | Colonial Bank |
| Tuskegee S & La | Tuskegee | November 30, 1990 | $31.8 million | $28.5 million | $15.3 million | First Tuskegee Bank |
| Baldwin County Fed. Savings Bank | Robertsdale | March 30, 1989 | $171.5 million | $156.8 million | $7.3 million | First Alabama Bank |
| Phenix Fed. S & L Assoc. | Phenix City | March 9, 1989 | $150.3 million | $194.8 million | $69.9 million | |
| First Savings Bank of Alabama | Hamilton | March 9, 1989 | $26 million | $24 million | $1.9 million | Southtrust Bank of Marion C |
| Guaranty Fed. S & L Assoc. | Birmingham | February 17, 1989 | $381.3 million | $398.6 million | $55.9 million | Southtrust Affliated Banks |
Other failed banks First Alabama Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Baldwin County Fed. Savings Bank | Robertsdale | AL | March 30, 1989 | $171.5 million | $156.8 million | $7.3 million | First Alabama Bank |
All bank failures in 1989 · All bank failures in Alabama · Every failed bank First Alabama Bank took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. 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.